Many clients purchase material from other countries and have foreign dollar accounts for those purchases. They need to be able to reconcile these accounts in the foreign currency. They currently have to convert all transactions to the default currency and manage everything in the one currency.
A Canadian company operates in CAD but buys material from the US in USD. They have a USD account that they use to make the purchase. The whole transaction is in USD but the company must record it in CAD in Sage 100 and issue a manual cheque in USD on the US Account. When they reconcile the Bank Account they must convert all transactions from CAD to a USD equivalent to compare them to the bank statement in USD.
Any company that purchases from a foreign entity should be able to set up a bank account in the currency of that foreign entity and transact business in that currency. They should be able to reconcile transactions in the account in the currency of the account and be able to show a Default Currency equivalency in the Financial Statements based on an exchange rate.
by: Stephan G. | over a year ago | Other
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I am endorsing this enhancement request on behalf of:
Point of contact: Aditi Gupta
Telephone: (604) 941-6494
Email: aditi@dnsbulldozing.com
Registration name: D&S Bulldozing Ltd
Client ID: 4006704306