Accounting Seed Supports the following multi-currency features:
- Customers can be billed and cash can be received in any foreign currency
- Vendors invoices can be entered and paid in any foreign currency
- All transactions are converted to a single reporting currency
- Accounting Seed will automatically track a realized gain or loss on foreign currency exchange when:
- The exchange rate for a foreign billing to a customer is different then exchange rate when the cash is received
- The exchange rate for a foreign vendor account payable is different then exchange rate when the cash is disbursed.
Working with Multiple Currencies
Accounting Seed uses Salesforce's advanced currency management to track currencies used and dated exchange rates. So the currency rates used in CRM are the same as the rates used in Accounting and your organization only has one place to manage all of their foreign currency exchange rates.
When creating any of the following you can see both the foreign amount and ledger amount:
- Cash receipt
- Accounts Payable
- Cash Disbursements
The Accounting Seed transaction object will also show the Foreign Amount and Currency Conversion rates used in any of the above transaction types.
Set Up Process
To set up multi-currency the following needs to take place:
- Have Salesforce support enable your organization for multi-currency
- Have Accounting Seed support enable your organization for multi-currency
- Setup your currencies and exchange rates