Introducing the multi-currency functionality

SunSystems Financials and Order Fulfilment provide true dual base currency processing and the ability to maintain different transaction currencies on a single transaction. This powerful functionality enables you to buy, sell and stock goods in any currency, account in parallel currencies, bank or make payments in other currencies, and report back to overseas parent companies in the currency of your choice.

The dual base currency processing enables organizations to fully comply with both GAAP and Euro accounting and reporting requirements.

Up to five different values can be held against every transaction throughout the SunSystems suite: four currency values and memo or statistical value.

The four currency values all have different characteristics, as follows:

• base currency value (value 1) - a currency that is fixed for the ledger
• transaction currency value (value 2) - a currency that can vary on each transaction
• second base or reporting currency value (value 3) - another fixed currency for the ledger
• fourth currency value (value 4) - a fixed or variable transaction currency.

The currency conversion is carried out when the transactions enter the system. If the fourth currency is not in use or is a fixed currency, only one currency value needs to be entered, the remaining currency values can be calculated using period or daily spot currency conversion rates. Where the fourth currency is in use as a variable transaction currency, the system can also calculate this value provided that there is a currency code on the transaction.

You can maintain any number of different conversion rates for a currency and apply these to different accounting periods, dates and ranges of accounts. You can also maintain up to five additional reporting period rates for each currency for use in Financial Analysis, Financial Statements and Financial Tables.

The exact input and conversion requirements are determined by posting rules you establish for each business unit.

Currency gains/losses can be recognized and posted automatically. You can specify the accounts to which realized gains, realized losses, unrealized gains and unrealized losses are posted. Revaluations can be performed with gains/losses being posted to the appropriate accounts. You can specify that only gains, only losses, both separately, or net gains and losses are posted on revaluation. Revaluation procedures may also be run for reporting purposes only.

For example, you can process payables and receivables using other currencies. You can make payments, produce account documents and payment documents in any currency. You can also include multiple currencies in a single payment run.

You can produce a variety of documents relating to your currency transactions. In particular, you can produce payment documents, for example cheques, in the languages and currencies you have defined.

The comprehensive Financials reporting facilities allow you to produce reports showing any combination of the currencies available: base currency, transaction currency, second base or reporting currency, and fourth currency. These report writers include consolidation facilities that allow you to consolidate different business units, in different currencies.