Finstack’s Multi-Currency Conversion makes managing multiple currencies seamless. Automate monthly currency effects or fine-tune specific reports with tools that ensure efficiency, accuracy, and compliance.
Getting Started
Note: Available only for users managing multiple currencies.
Step 1: Access Multi-Currency Settings
Navigate to Setup > Admin > Multi-Currency.
Step 2: Choose Your Reporting Currency
Select the reporting currency (e.g., Euros). Other currencies like USD will be converted automatically.
Step 3: Select a Conversion Method
Finstack offers two methods:
Fixed Rates Method:
Enter one rate for all months.
Ideal for minimal currency fluctuations or fixed-rate scenarios.
Equity Method:
Uses Average Rate for P&L accounts and the Closing Rate for Balance Sheet accounts.
Is automatically updated monthly via exchangerate.host for accuracy.
Step 4: Customize FX Rates (Optional)
Manually adjust FX rates to align with your ERP or bookkeeping systems.
Adjust average or closing rates for specific periods to ensure tailored reporting.
Note: Updates are instantly reflected in P&L and Balance Sheet accounts.
Step 5: Save and Verify Changes
Click Save Changes to finalize updates.
Changes are applied automatically.
Notes:
Translation Effects: The Equity Method automatically adds a CTA (Cumulative Translation Adjustment) line in the Balance Sheet to show currency translation impact.
Real-Time Updates: Automatic rates reflect monthly fluctuations across financial statements.
Seamless Integration: FX Custom Rates integrate with IC eliminations, reconciliations, and sub-consolidations for streamlined consolidation.