Multi-Currency

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Jim2 allows for handling multiple currencies with ease. Multi-Currency works in a real-time environment, not from an as at date point of view.

 

Exchange rates and exchange rate fluctuations have a major influence on both the operation and profit results of businesses dealing in foreign currencies.

 

Multi-Currency is a core component of Jim2, ensuring that every process involving a foreign currency is fully integrated. From raising a quotation through every process in the business cycle, Jim2 enables transactions in foreign currency, making it easy to manage both unrealised gains and losses (potential changes in the value of overseas transactions) and realised gains and losses (the actual changes in the value of assets, liabilities and equity that occur when foreign currency is exchanged for local currency) by providing accurate, live transaction reporting.

 

Jim2 Multi-Currency allows for an unlimited number of definable foreign currencies. Maintenance of exchange rates is easy using the Currency Rate table. Jim2 automates individual spread limit % (swing) and out of date warnings on each currency to ensure accuracy, and encourage vigilance when dealing with the volatility of foreign exchange.

 

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The home currency can only be used in general journals, as the general ledger is only in home currency.

 

Jim2 Multi-Currency removes any need for separate debtor/creditor identities to trade in multiple currencies. The suite of practical documents and professional business reports in Jim2 supports all Multi-Currency requirements.

 

The Jim2 Multi-Currency Revaluation Session is a tool for recording and reporting the foreign currency position. Fully integrated into the functionality of Jim2, this feature reports unrealised foreign exchange exposure at any point in time, automatically creates the journals required when currencies are revalued, and with automatic realisation journals created on full or part payment of invoices.

 

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Once Multi-Currency has been enabled, it cannot be disabled.

 

hmtoggle_arrow1Multi-Currency Operation – An Example

 

hmtoggle_arrow1Stock Pricing and Multi-Currency

 

hmtoggle_arrow1Cardfiles and Multi-Currency

 

hmtoggle_arrow1Close Financial Year

 

Further information

Multicurrency Security

Setup

Working with Multicurrency

Accounting

Multicurrency Revaluation

Business Analysis

Purchasing

Stock

Transfer From Home Account to Overseas Account