Quickly translating multi-company balances into a single currency for financial reporting is typically a very time-consuming and difficult task. However, it is a critical task for multi-national organizations. CurrencyFYI translates your financial statements in foreign currency by converting balances from one denomination into another currency, or into many other currency denominations.
CurrencyFYI completes the translation calculations outside the general ledger. This approach provides the flexibility needed to evaluate your financial position daily, weekly, monthly, or at an interval that best suits your business needs.
Accounting standards demand a consistent translation methodology in order to provide a true reflection of economic circumstances, and potential drawbacks. CurrencyFYI conforms to these accounting standards through its ability to translate by account-type based on the following methods:
- The Spot or Average Rate method provides several methods for determining the rate to use, which includes the number of monthly rates, number of days in the month, or a rate entered.
- The Period-end or Month-end method uses a single monthly rate.
- The Historical Rate method uses the rate on the original transaction date.
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