Infor SyteLine Multi-Currency allows you to buy and sell in foreign currencies. Tracking of base (domestic) currencies as well as extensive exchange rate tables, reduce manual transactions. SyteLine supports the following scenarios:
- Companies who process all transactions for a month at a given exchange rate. At the end of each month (or the beginning of the next month), the company performs a revaluation of all foreign currency translations.
- Companies who negotiate each foreign currency transaction at a fixed rate agreed with the customer/vendor. Payments are at that fixed rate. When using a fixed rate, specify that rate on the Customer Orders or Purchase Orders form's Amounts tab (Running the Currency Revaluation utilities will not impact these entries).
SyteLine also allows for a mix (using both the system exchange rate and orders with fixed rates) of the previous methods described above.
- Maintain Currency Rates and Tables
- Use either fixed or variable rates
- Euro-conversion tools
- FASB52 compliance
- Recognition of currency exchange rate gains or losses
- Maintain customer and vendor records in the foreign currency, but can quickly be translated to your domestic currency
- Maintain general ledger in your domestic currency
- Specify the currency used by the bank for each of your accounts
- Customer orders defaulted in your customer's currency
- Invoices defaulted to customer's currency
- Converts cash receipts to automatically
- Purchase orders defaulted in your vendor's currency
- Print checks in the vendor's currency
