Multicurrency
Costpoint Multicurrency gives your company the power and flexibility to integrate sophisticated international transactions into your financial records.
For accounts payable transactions, you can maintain your company's books in one currency, receive invoices in another currency, and pay invoices in still another currency. For billing transactions, you can maintain your company's books in one currency, submit invoices in another currency, and receive payment in a third currency.
Costpoint Multicurrency seamlessly integrates with the rest of Costpoint. Once you select a currency to use in Costpoint, you use Costpoint Multicurrency to define its relationship with other currencies. You can enter exchange rates and update them as frequently as necessary, even daily. Using these rates, Costpoint Multicurrency works with Costpoint Accounts Payable and Purchasing to calculate gains and losses on foreign currency transactions. Both realized gains (upon final payment of the voucher) and unrealized gains (when a voucher is unpaid or partially paid) are recorded in the general ledger.
Costpoint Multicurrency, in conjunction with the rest of Costpoint, enables you to make intelligent decisions about your company's international transactions.
- Related Topics:
- Multicurrency Task Flow
The Multicurrency Task Flow diagram describes the overall process involved in the Multicurrency module. - Exchange Rates
Use the screens in the Exchange Rates module to configure the values of currencies to be used for conversion to other currencies. - Gains/Losses Processing
Use the screens in the Gains/Losses Processing to update your Open Accounts Payable exchange rates, Open Accounts Receivable exchange rates, or compute or post your unrealized gains/losses. - Multicurrency Utilities
Use the screens in the Multicurrency Utilities module to the future value of money or to update currency codes when you upgrade an earlier version of Costpoint to the current one. - Multicurrency Controls
Use the screens in the Multicurrency Controls module to configure your multicurrency settings, manage your multicurrency accounts, or manage currency ISO codes. - Currency Controls
Use the screens in the Currency Controls module to manage the currencies you use, or to manage the status of European currencies that will be replaced be the Euro.