Doing Business In a World of Currencies

Many U.S. and Canadian businesses have business trading partners (vendors or customers) who are in foreign countries. Transactions with these partners may involve other monetary currencies, and the tracking and reporting of these multi-currency transactions is a challenging task. That’s where SouthWare’s® International Transactions comes in.

International Transactions provides supplemental features to the SouthWare Excellence Series™ so that you can record, track, and report multi-currency transactions involving international trading partners while maintaining your dollar-based internal records. When you add this product to the Excellence Series you activate currency-related features in several different modules.

With International Transactions, you can:

• Maintain a database of monetary currencies used by your trading partners
• Define the default currency used by each customer/vendor
• Update the effective exchange rates for currencies as often as you wish
• Record the currency amounts for selected transactions, including the effective exchange rate
• Display transaction amount information in natural currency or base currency (dollars)
• Analyze unrealized currency exchange gains/losses
• Revalue A/R and A/P open items for changes in exchange rates
• Automatically calculate gain/loss on currency exchange when settling a transaction (typically at payment time)
• Update G/L for currency exchange gains/losses
• Establish special stock item pricing and costing for each currency

If you want a simple way to handle the headache of dealing with multiple currencies, get SouthWare’s International Transactions.

Key Features of International Transactions

Currency Code Definition
• Five-character code
• Description
• Print/display formatting including symbol, decimal, and negative sign
• Gain/Loss accounts for A/R and A/P

Currency Rate Info
• Effective Date/Time
• Enter either Rate or Factor
• Optional Note Entry of Currency Transaction Info
• Default currency code per vendor/customer
• Specify currency per transaction
• Operator option to override currency defaults
• Effective date rate defaults can be configured per transaction type
• Use fixed (dollar value is constant) or variable (currency amount is constant) rate per transaction
• Toggle display between Natural Currency and Base Currency (dollars)

Gain/Loss Calculation
• Automatic calculation at transaction settlement time
• Option for periodic revaluation of A/R and A/P open items - choose to actually adjust open item value or just accrue gain/loss
• Option to settle an international transaction in dollars

Standard Reporting and Inquiry
• Unrecognized gain/loss report
• History of gain/loss report
• File listings

Other Integration
• Currency amounts are available in Cash Flow reconciliation
• Related Inquiries allow option to display natural or base amounts
• Optional special stock item pricing and vendor costing per currency

Sample situations you’ll be able to handle with International Transactions include:

• Recording a vendor’s invoice in Japanese Yen while updating your records in equivalent dollars
• Recording payment in pesos from a customer
• Creating a transaction with a fixed dollar value that is to be settled in another currency
• Printing international pricing on service orders and rentals
• Creating a sales order in British Pounds and printing the invoice in Pounds
• Submitting a German Deutschmark Purchase Order to a German vendor
• Inquiring into the dollar values of currency-denominated transactions