Multicurrency Overview

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

Enable Multicurrency

You need to enable the Multicurrency feature before you configure individual currencies and perform otehr setup steps. Use the Enable Multicurrency option in Configuration > General > Currency.

Features

The Multicurrency feature lets your firm:

  • 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 feature, which supports the management of multiple legal entities in a single Vision database. 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 currency 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.

Related Topics:

  • Currency Types
    The foundation of the Multicurrency feature is the ability to store transactions and other data in multiple currencies, and to use this stored information to fulfill different business needs.
  • Info Center and Multicurrency
    When you use the Multicurrency feature, the availability of multiple currencies has different effects on different Info Centers.
  • User-Defined Tabs and Multicurrency
    You can use Multicurrency-related fields when you create user-defined tabs.
  • Foreign-Denominated Accounts
    In some situations, a company must manage all transactions associated with a particular account in a single currency. If your company needs to do this, you can identify the account as a foreign-denominated account, with a single currency that you specify.
  • Transaction Processing and Multicurrency
    When you enter any transaction in Vision, the transaction amount is stored in multiple currencies.
  • Employee Labor and Expense Charges and Multicurrency
    All employee-related financial data is set up in the functional currency of the employee's home company, established through organization codes. An employee can work on any project, regardless of the employee’s home currency or the project currency, and Vision manages all project costing and billing issues related to using multiple currencies.
  • Project Planning and Multicurrency
    Some firms who use Vision Planning plan their projects using cost values, some using billing values, and some using both. Therefore, Vision tracks project plans in both the project currency, representing planned cost values, and the billing currency, representing planned billing values.
  • Gains and Losses Resulting from Exchange Rate Changes
    Companies that conduct business in more than one currency can have financial gains or losses due to changes in currency exchange rates.
  • Accounts Payable and Multicurrency
    When you use the Multicurrency feature, certain considerations must be taken into account when you process accounts payable transactions.
  • Revenue Generation and Multicurrency
    When you use the Multicurrency feature, you must perform some additional steps to set up and use Revenue Generation.
  • Purchasing and Multicurrency
    When you use the Multicurrency feature, Vision stores maximum purchase order amounts, buyers' purchasing limits, approvers' approval limits, and total-to-date amounts in the functional currency of the active company.
  • Reporting and Multicurrency
    The Multicurrency feature lets you generate reports targeted at the special business needs of a multicurrency enterprise.
  • Consolidated Reporting and Multicurrency
    If you use both the Multicurrency and Multicompany features, you can generate consolidated financial statements for multiple companies that have different functional currencies.
  • Exchange Rates Overview
    When you post a transaction, Vision checks to see if the various currency types (transaction, functional, billing, and project) are the same. If they differ, Vision must perform a currency exchange.
Parent Topic: Concepts Overview