Foreign exchange
Accredo’s foreign exchange capability for its Mercury and Saturn financial management solutions provides customers with comprehensive functionality that is as simple to use as doing business in base currency.
Accredo’s multi-currency functionality is both feature-rich and fully embedded into the existing workflow processes of the software. It performs as seamlessly for customers who rely heavily on foreign exchange processes, as it does for customers who may only call on the functionality occasionally.
"It Just Works"
Grappling with foreign exchange processes can be a headache for businesses that deal with offshore customers or suppliers. Maintaining numerous exchange rates and fixing incorrectly allocated foreign currency transactions can be onerous tasks. Thankfully, Accredo has been designed to do all the heavy lifting for you and negates common foreign currency processing problems.
It is simple to use and it doesn’t get in the way of the general operation of the system. Once you have entered the relevant exchange rates, all the other processing involved in dealing with foreign currency transactions is done automatically. The system undertakes all the complex calculations and processing that surrounds managing exchange fluctuations and revaluations and reflects these in the General Ledger.
See better
Foreign exchange gains and losses can be a significant factor on the bottom line performance of many businesses. With Accredo foreign exchange, customers can better monitor the cost of doing business in a particular currency. The software automatically works out all the necessary exchange variations, and provides you with all the information needed to make informed decisions about currency hedging. It allows you to fix an exchange rate for particular transactions when currency has been hedged.
Set it up to suit
No matter whether you are a heavy or light user of multi-currency functionality, Accredo can be set up to suit your working practices. The system can be turned on for all, or any, of the following functions:
- Selling to offshore customers
- Purchasing from offshore suppliers
- Maintaining bank accounts in foreign currencies
When a business is dealing with base currency customers and suppliers all the foreign exchange fields are disabled so they don’t distract or interfere with the user experience.
For businesses with heavy multi-currency demands Accredo provides a table of exchange rates which you maintain daily or weekly. For businesses that only make the occasional foreign sale or purchase, the exchange rate table can be turned off and the exchange rate entered ad-hoc on the relevant document at the time of the transaction.
Throughout the Accredo system the base currency and foreign currency values are always available and it automatically handles unrealised variation and realised variation, allowing you to get accurate exchange gain / loss reports.
Price it right
Accredo lets you establish any number of selling price lists in either foreign currencies or base currencies. You can choose mix and match to suit the needs of your customers and your business.
Just because you have foreign bank account functionality enabled, that doesn’t stop you from receipting a foreign customer in their currency and then banking it into a base currency bank account. And when it comes to reporting, all Accredo’s report layouts support both foreign currency and base currency values with rules to prevent the addition, subtraction or multiplication of different currencies.