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.
Currencies supported
Please find below the list of currencies currently available in Finstack. When needed, we will be able to add a new currency on the same day.
AED, United Arab Emirates dirham
AUD, Australian dollar
CAD, Canadian dollar
CHF, Swiss Franc
CNY, Chinese Yuan
CZK, Czech Koruna
DKK, Danish Krone
EUR, Euro
GBP, Pound Sterling
GHS, Ghanaian Cedi
HKD, Hong Kong dollar
ISK, Iceland Krona
JPY, Japan Yen
KES, Kenyan Shilling
PLN, Polish Zloty
RON, Romanian Leu
SEK, Swedish Krona
SGD, Singapore dollar
TWD, New Taiwan dollar
UGX, Ugandan Shilling
USD, US Dollar
XOF, West African CFA franc
ZAR, South African Rand