Multi-currency capability

I posted this as an additional question on the "recommending" thread, but it was suggested that I post it as a separate thread.

We have a couple of clients who issue sales invoices in Euros, receive purchase invoices in Euros and have Euro bank accounts to handle the payments in addition to normal £ Sterling transactions and bank accounts.  Others have US $ bank accounts.

Do any of the cloud packages offer the facility to enter invoices and payments in Euros, display sales & purchase ledger accounts in Euros, produce sales statements and bank reconciliations in Euros  - in other words, all the functions which you would expect when dealing with £ Sterling transactions, but all input and appearing in Euros - and only convert to £ Sterling (in a user defined way) to include with the £ Sterling transactions when running nominal ledger listings and accounts?

It is rather new to me and I am a bit suspicious of claims by suppliers that their product has full multi-currency capability.  I also do not have the time to download, set up and play with free trial versions of every product to try and work it out for myself.  Hence, I hope some of you experts can enlighten me.

Thank you Paul for your response on the other thread that IRIS OpenBooks/FreeAgent can do no more than issue sales invoices in a foreign currency.

Comments
kmcloughlin@twinfield.com's picture

Twinfield Multi-Currency

kmcloughlin@twi... | | Permalink

Hi Euan,

Twinfield is a multi-currency, multi-company, multi-language cloud accounting application that can fulfill you needs for this. With Twinfield you can enter data in any currency and be paid in another. You can post inter-company and have local and reporting currencies. This means that you can have companies entering in their local currency whilst automatically translating into the group consolidation or reporting currency.

You can contact us at www.twinfield.com where we will be happy to discuss this further with you.

 

david_terrar's picture

Twinfield can amongst others

david_terrar | | Permalink

Hi Euan,

Twinfield is fully multi-currency.  A company within Twinfield has a base currency and a reporting currency, and then any individual transaction can also use any other currency you like.  The conversion rate to the base currency is picked up from a date driven conversion rate table.  When you create a bank account you specify the currency.  It should be able to handle your requirement - we have one customer operating company accounts in over 20 different countries including US and China, with everything consolidated for HQ.  Happy to show it to you.  Twinfield won't be the only option.  I'm sure E-conomic and several of the other Cloud Accounting options will have what you want too.

David Terrar

D2C and Cloud Advocates

LOL - Kevin and I were typing at the same time 2 minutes apart!

DuaneJAckson's picture

KashFlow and Multi-Currency

DuaneJAckson | | Permalink

With KashFLow you have one currency (any currency - GBP, EUR, USD, etc) as your base currency. All sales, purchases, reports, etc are then done in your home currency.

You can add additional currencies so you can issue invoices/record purchases in foreign currencies. But the payments need to be recording in your home currency equivalent because we don't yet support bank accounts in a currency other then you home currency. There's a button there to help easily deal with exchange rate fluctuations.

 

So the missing part for real full multicurrency in KashFlow is the ability to have bank accounts in multiple different currencies.

I'm not 100% sure, but I *think* Xero does support bank accounts in multiple currencies.

I hope that helps

Hugh Scantlebury's picture

Our speciality

Hugh Scantlebury | | Permalink

 

Aqilla provides extensive multi-currency capabilities throughout its ledgers. When a ledger is set up, you define which currency is the base currency (e.g. Pound Sterling, Euro, US Dollar, Japanese Yen, etc.). Each transaction that is entered into the system may be entered in this base currency or as a foreign currency. When entering a foreign currency transaction, the currency is defined either by reference to the account being used or it can be manually selected from a list. The currency exchange rate is defined from a set of tables setup within Aqilla Reference/Currencies or may be entered manually for spot rates. For each currency, currency rates can be defined which apply to a specific time span; daily, weekly, monthly etc. Each Currency definition can hold a specific Payment Account against it and individual Creditor or Debtor Accounts can have an Account Currency as well as a Payment Account fixed against it. When an invoice is paid through the Aqilla Payments Process, the exchange rate of the payment day will usually differ from the rate used when the invoice originated. Aqilla automatically calculates the exchange difference and posts the adjustment to the ledger. Multi-currency is not limited to sales and purchase transactions. Any type of account can hold transactions in foreign currencies. For instance, it may be necessary to manage assets in a foreign currency. In addition a Revaluation function facilitates the automatic creation and posting of unrealised currency exchange differences. Do get in contact at via our website to arrange a demo or call us on 020 7098 9881 to find out more.

squay's picture

Xero

squay | | Permalink

We are accountants and a newly certified Xero partner. If you opt for the Xero multi currency version you can enter or create sales and purchase invoices in any currency. Currency exchange rates are updated hourly automatically within Xero saving time looking up the rates manually.

As far as we know you should also be able to receive bank feeds in the same currencies provided a bank feed is available from that bank. We know Paypal works as well too. Failing that bank data can be imported.

Xero

Tax24-7 | | Permalink

Better late than never for my input….

 

I’d recommend Xero for the bank feed availability and usability of the product.

 

We’ve only received positive feedback from clients switching from manual systems, Sage and alike.

 

As an accountant in practice a suggestion for you too would be to customise the chart of accounts in Xero to align with your in-house accounting system.  I have done this with Digita which we use.

 

Good luck.

Xero Usability

chatman | | Permalink

Tax24-7 wrote:
I’d recommend Xero for the [...] usability of the product.

I use Xero, and agree that the bank feeds make it worthwhile, but I am surprised you recommend it for the usability. What is it particularly you like, and what are you comparing it to?

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