Multi-Currency Features

Gamut MultiBooks provides full support for multi-currency handling in both Accounts Payable (Creditors) and Accounts Receivable (Debtors). This is an essential feature for businesses that buy or sell goods overseas or operate over national boundaries.

Transactions such as purchase orders, invoices and payments can be processed in any currency and are automatically converted back to your home currency when the transaction is posted to the general ledger.

Different exchange rates can be applied during the transaction lifecycle - reflecting real-world conditions and enabling you to comply with accounting standards. MultiBooks calculates any gain or loss resulting from differences between the exchange rate when an invoice is raised and when it is paid. This is automatically journalized to your designated foreign currency variance account when the payment is posted to the general ledger.

Both the Creditors Open Payables Report and the Debtors Aged Trial Balance Report display transactions in both the nominal and domestic currency. This enables you to easily calculate your foreign-exchange "carrying value" at the end of each reporting period.

Data entry is simplified by storing prevailing exchange rates against a user-defined currency list. These exchange rates are pre-filled whenever a new transaction is created but can be overridden in the transaction as required. The preferred currency of each vendor and customer can be specified and again this is pre-filled as a default for their transactions. But you are not restricted to using only the preferred currency, and can denominate invoices in any currency from your currency list.

To find out even more, call us now on 1300 361 251 or contact us.