SouthWare - International Transactions

Tracking Transactions in Different Currencies

Doing Business In a World of Currencies

Do you have important customers or vendors outside of the United States? Do they require you to do business in their native currency? Does the accounting and tracking of the related amounts and gains/losses give you headache?

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 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 with 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.

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