Multiple Currencies

The Multicurrency feature lets your enterprise transact business in any number of global currencies, while maintaining core financial records in a single, functional currency.

Enable the Multicurrency Feature

To begin using the Multicurrency feature, use the Activate Currencies page of the Setup application.

Features

The Multicurrency feature lets your enterprise:

• Process transactions in any currency. Specifically, you can record vendor invoices, generate client invoices, and process both payments and receipts in any currency. You can also process employee expense reports containing expense items in different currencies.
• Manage a project in one currency and bill for the project in a different currency.
• Use pre-configured currency settings, including the currency symbol and number of decimal places, for currencies recognized by the International Standards Organization (ISO).
• Associate a transaction with the exchange rate in effect on the date the transaction occurs. Exchange rates are stored internally by day to facilitate these associations.
• Override the exchange rate for an individual transaction.
• Obtain exchange rates via inverse exchanges or triangulation.
• Integrate multiple currencies with the Multicompany application, which supports the management of multiple companies within a single enterprise. Each company can have its own functional currency.
• Generate reports with multiple currencies. Alternatively, for some general ledger, project, and CRM reports, you can select a single presentation currency so that all amounts are expressed in a single currency.
• Revaluate currencies to restate foreign currency balances as exchange rates fluctuate.
• Plan a project in any currency and include employees from across the enterprise in a plan, regardless of their home currencies.