Multicurrency Management automates the process of both buying, and selling in foreign currencies. With tracking of default currencies as well as extensive exchange rate tables, manual transactions are reduced. Lock transactions in at a specified rate with automatic gain or loss reporting, reducing the guesswork from handling foreign transactions. Throughout Epicor, the currency symbol is displayed notifying the user of the currency being used.
In global business the use of multiple currencies requires companies to periodically revalue their transactions. Epicor applications provide users with the functionality to revalue transactions within General Ledger, Accounts Receivable, Accounts Payable and Bank Accounts with the option to simply report in detail or summary, or report and post as a single reversing journal the value of the revaluation directly to General Ledger.
Optionally define multiple currency tables per company.
Update exchange rates as frequently as daily to support last-minute exchange rate changes.
Report on both realized and un-realized gains and losses.
Conveniently convert reports to base currency so there is no need for recalculations when determining profitability or cash requirements.
Specify the currency used by the bank for each of your accounts.
Assign a default currency to each price list when price lists are defined for various customers.
Send quotations calculated in your prospect’s or customer’s base currency.
Automatically default a customer’s order to the customer’s base currency, but also have the option to change it at any time.
Designate the appropriate currency for each service contract.
Automatically default invoices to the customer’s base currency, or change at any time.
Automatically convert cash received in the customer’s currency back to base currency upon receipt.
Support the supplier’s currency structure with price break tables.
Automatically default supplier purchase orders to the supplier’s base currency, or change at any time.
Print checks in the supplier’s currency, with amounts automatically converted from the base currency.
Throughout the application, you can automatically convert amounts to your company’s currency by selecting the base check box. This check box is located at the top of many Financial Management forms.