Foreign Currency
Multi currency and FX reporting
Reconciling to a single currency usually relies on multiple manual spreadsheets. Not any more.
In multi-national business enterprises, the regular task of reconciling fixed assets and work in progress to a single standard currency usually relies on the manipulation of multiple manual spreadsheets compiled from different sources and sometimes of doubtful accuracy. The objective of this facility is to ensure that one-step FX reporting and perfect periodic foreign exchange reconciliations can be generated quickly and efficiently for each of your foreign currency asset databases.
Currency exchange rates tables in Activa are stored centrally in the System database only. This makes them accessible to all individual country databases and since they occur only once in the system, the onerous task of maintaining rates is minimised.
It also means that whilst each country database operates independantly, it simultaneously forms part of an enterprise system designed to report in a corporate standard currency. In actual fact it can report into any currency for which rates are available.
It also means that whilst each country database operates independantly, it simultaneously forms part of an enterprise system designed to report in a corporate standard currency. In actual fact it can report into any currency for which rates are available.
Activa is supplied with range of up to 30 published currency exchange rates relative to the United States dollar over a period of 10 - 15 years up to the present time. These rates are spot rates, month end rates and monthly average rates as required by IFRS for compliant reporting. We also provide a facility for Budget rates.
The functionality for management of rates caters for the bulk import from spreadsheet of an unlimited number of currencies over any period.
System rates available to current date include the following currencies excepting where they have been subseqeuently superceded by the Euro;
The functionality for management of rates caters for the bulk import from spreadsheet of an unlimited number of currencies over any period.
System rates available to current date include the following currencies excepting where they have been subseqeuently superceded by the Euro;
- Australian Dollars
- Austrian Schiling
- Belgian Franc
- Canadian Dollar
- Chinese Renmimbi
- Dutch Guilder
- Euro
- Finnish Markka
- French Franc
- German Mark
- Greek Drachma
- Hong Kong Dollar
- Indian Rupee
- Indonesian Rupiah
- Irish Punt
- Italian Lira
- Japanese Yen
- Malaysian Ringit
- New Taiwan Dollar
- New Zealand Dollar
- Portuguese Escudo
- Singapore Dollar
- South Korean Won
- Spanish Peseta
- Swiss Franc
- Thai Baht
- U.A.E.Dirham
- UK Pound Sterling
- United States Dollars
In adition to the full range of system reports for local reporting, foreign exchange reporting is provided in the form of a standard format FX reconciliation report. This can be generated, period by period, automaticvally utilising month end and monthly average rates to calculate the period end FX exchange reconciliation and accounting adjustments.
In addition, all other financial and tax reports from the system can be generated into the corporate standard currency.
In addition, all other financial and tax reports from the system can be generated into the corporate standard currency.
By using the Activa multi-database system option, each country can occupy a separate database and can be configured to operate in the local currency with the correct regional settings, guaranteeing local statutory and tax compliant reporting for each.
This means in essence that all asset values can be stored in their local currency and maintained by local personnel making the overall administration of the system mode effective. Local maintenance, global control.
By expanding this concept to cover each country of operation you create a true multi-currency system, irrespective of the number of countries involved.
Consolidated global or regional reporting is achieved from the System database in the nominated standard currency.
This means in essence that all asset values can be stored in their local currency and maintained by local personnel making the overall administration of the system mode effective. Local maintenance, global control.
By expanding this concept to cover each country of operation you create a true multi-currency system, irrespective of the number of countries involved.
Consolidated global or regional reporting is achieved from the System database in the nominated standard currency.
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| Article last updated : Feb 23 2012 10:48AM |  |