Tencia’s foreign currency management module allows for the seamless handling of transactions in multiple currencies, enhancing your ability to operate in a global market. You can enter purchase orders, creditor invoices, sales orders, debtor invoices, General Ledger payments, journals, and credit notes in foreign currencies, while centralised cash-related transactions are managed for both local and foreign currencies.

Key Features of Foreign Currency Management

  • Default Currency Codes: Assign a default foreign currency code for individual debtors and creditors, simplifying transaction entries.
  • Flexible Currency Rate Maintenance: Maintain foreign currency rates daily or at any frequency that suits your business needs.
  • Transaction-Specific Currency Rates: Override default currency rates during transactions by entering a specific transaction currency rate.
  • Versatile Reporting Options: Print reports, such as debtors and creditors trial balance reports, using either the default rate or transaction rate.
  • Customisable Statements and Remittances: Select a currency code when printing debtor statements or creditor remittances.
  • Comprehensive Inquiries: Perform inquiries to display both local and foreign currency values for accurate financial oversight.
  • Currency-Specific Transactions: Enter foreign currency transactions in the nominated currency of the bank account (e.g., US dollars).
  • Automatic Conversion Calculations: Automatically calculate local currency amounts based on conversion rates entered during data entry.
  • Revaluation of Transactions: Revalue transactions to generate unrealised and realised foreign exchange losses or gains.
  • Journal Generation: Automatically create the necessary journals for transaction revaluations.
  • Detailed Cash Book Reports: Print cash book reports, including transaction lists, in either local and/or foreign currencies.

Benefits of Using Tencia’s Foreign Currency Management

  • Global Transaction Handling: Efficiently manage transactions in multiple currencies, supporting international business operations.
  • Accuracy in Currency Conversion: Ensure accurate conversion and recording of foreign currency transactions with automatic calculations.
  • Enhanced Financial Reporting: Gain insights with flexible reporting options that accommodate both local and foreign currency values.
  • Streamlined Processes: Simplify the management of foreign currency transactions with default settings and customisable options.
  • Effective Risk Management: Mitigate exchange rate risks by revaluing transactions and generating corresponding journal entries.
  • Operational Flexibility: Adapt to various business requirements with the ability to maintain and override currency rates as needed.

Tencia’s foreign currency management feature is designed to support businesses in managing international transactions with precision and efficiency, ensuring accurate financial reporting and effective risk management in a global marketplace.