With Pastel Evolution Multi-Currency you can process customer and supplier transactions in their currency. It allows you to track foreign currency, customer and supplier values in both the foreign and home currency. You can view balances and transactions in either currency at any time. You can maintain separate buy and sell rates for each currency. Pastel Evolution Multi-Currency maintains a history of exchange rates so that you can process transactions at earlier dates using the most accurate exchange rate. When you process customer receipts or supplier payments, Pastel Evolution uses the current exchange rate to calculate any foreign exchange profit or loss, which is automatically posted. In addition Pastel Evolution Multi-Currency allows you to:
* Process and print customer and supplier sales and purchase documents in foreign currency or home currency.
* Print customer and supplier statements, age analysis and transaction reports using foreign currency or home currency
* Process foreign currency cashbook transactions.
The system works as follows:
- You can create as many currencies as you require. For each currency, you enter exchange rates. You can keep a history of exchange rates by date, and the system uses the exchange rate closest to the transaction processing date.
- You assign a currency to a customer or supplier. Once you create a customer or supplier, you cannot change the currency code.
- When you process sales or purchase documents, you can enter values in the account’s currency or in your local currency. You can switch methods at any time. Agents who have the relevant access rights can adjust the default currency per document. You can print documents in home currency or in foreign currency.
- When you process a payment from a foreign currency customer or you make a payment to a foreign currency supplier, you can enter values in the home currency or in another currency. The system calculates any profit or loss generated by exchange rate variations, and writes the profit or loss to the general ledger. You have to set up transaction types for these transactions. You do this in the Transactions tab of the Accounts Payable and Accounts Receivable Defaults functions.
- When you enter cashbook transactions, you can set per batch which currency to use when entering amounts. Once you do so, you enter in home currency, the account’s currency, or the currency you select.
- If you use the Job Costing add-on module, you can create job cards in a customer’s currency. We allow an exchange rate per job line, since job cards can last for any length of time and the exchange rate can vary. You can also purchase items from foreign suppliers. You can print job cards in home currency or foreign currency.
- You can range on currencies for most customer and supplier reports.