In this global world we live in, more and more of you are either selling to customers in non-domestic currencies or purchasing goods and services from foreign vendor and paying in their currency. To assist with facilitating these transactions, you often have non-domestic currency bank accounts.
Oneir Solutions Inc industry-specific software allows you to make sales and carry out purchases is foreign non-domestic currencies…while accounting for the currency exchanges in the back ground. For example:
The sales order and invoicing option allows you to quote, take orders and invoice in domestic currency as well as one other currency. For most of our customers that is USD or CAD.
The repetitive billing option also allows you to invoice in domestic currency as well as one other currency.
The job cost manufacturing option allows you to make a quote and invoice a job in domestic currency as well as one other currency.
The retail over-the-counter point of sale generally operated in domestic currency, however there is an option to provide pay in a non-domestic currency, with change provided in domestic funds.
The purchasing option allows for a much broader flexibility whereby you can place orders from many global countries in their native currency with the receiving products and services being converted to your domestic currency.
In all these cases you can charge the sales to your Accounts Receivable, charge the purchases to your Accounts Payable and use non-domestic bank accounts to receive payments and to pay bills. Oneir Solutions takes into consideration the impact on the General Ledger as well as providing an accurate reflecting of the profit margin on each and every sale. To assist with the decision regarding which currency to carry out commerce with the respective customers and suppliers, Oneir Solutions allows you to select a default currency for each.
In order to adjust for the value of your Accounts Receivable, Accounts Payables and their related Deposits, as well as reflecting the current balance of the foreign bank accounts in terms of the domestic values, Oneir Solutions suggests that you carry out month-end adjustments to the related Foreign Exchange accounts, often referred to as the FX Accounts. If monthly balancing is not carried out, you will certainly need to do this calculation during your year-end preparation.
Contact Oneir Solutions at 1.877.322.3580 or fill out our contact form
