Accounting Seed supports the following multi-currency features:
Customers can be billed and cash can be received in any foreign currency that is supported by Salesforce.
Vendor invoices can be entered and paid in any foreign currency that is supported by Salesforce.
Journal entries can be created in any foreign currency that is supported by Salesforce.
- All transactions are converted to a single reporting currency. This is the base currency that is defined by the organization.
- 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 from the exchange rate when the cash is received.
- The exchange rate for a foreign vendor account payable is different from the exchange rate when the cash is disbursed.
Working with Multiple Currencies
Accounting Seed uses Salesforce's Advanced Currency Management feature to track currencies used through the Dated Exchange Rates table. These rates can be manually updated or automatically updated with the use of a partner app in Salesforce’s AppExchange.
When creating any of the following you can see both the foreign amount and ledger amount:
- Cash Receipt
- Cash Disbursements
- Journal Entries
The Accounting Seed transaction object will also show the Foreign Amount and Currency Conversion rates used in any of the above transaction types.