Managing multiple currencies can be trickier than you think. AccountsIQ simplifies multi-currency accounting with powerful features that can handle even the most complex situations.
Multi currency accounting in an increasingly complicated FX world
With AccountsIQ, you choose your company’s base currency, then all of your supplier and customer accounts can be set up in any global currency. You can then settle those accounts receivable or accounts payable invoices against any of your global currency bank accounts that are registered in AccountsIQ. Even if you’re a Sterling company, with a Euro customer, settling a value in U.S. Dollars, our multi currency accounting software has automated, time-saving features that can handle it.
Accurate multi currency reporting and consolidation
AccountsIQ includes powerful reporting routines that accurately reflect the impact of multi-currency trading and selling. Our built-in, month-end report revaluates your working capital in foreign currency and reports back on your realised and unrealised gains. AccountsIQ also handles multi currency consolidation with ease. P&L accounts are correctly translated using average period rates and Balance Sheet accounts at period end rates.
Automated foreign currency accounting
AccountsIQ integrates with TransferMate Global Payments to streamline FX payments. Benefit from preferential exchange rates and lower fees plus huge time savings for your finance team. You can manage multi-currency payments in a single batch; AccountsIQ processes and updates the payments using the actual the FX settlement rate automatically via the API.
Manage intercompany transactions with minimal FX risk
If you are a business with multiple entities in different base currencies, AccountsIQ can help you manage intercompany transactions by ensuring accurate reporting at the group level. Powerful tools enable revaluation of foreign currencies without the risk of a misbalance at the end of the month. You can also use the automated FX settlement for intercompany transactions.
Our customers like these functions:
- Manage customer and supplier accounts in multiple currencies.
- Automated month-end, multi-currency reporting that revaluates your working capital and reports on your realised and unrealised gains in FX.
- Integration with TransferMate to provide up-to-date spot rates in real time.
- Manage multi-currency consolidation, using an average rate for your P&L and a month-end rate for your balance sheet.
Find out more about using accounting software in multiple locations by reading our CEO’s blog about overcoming international accounting challenges. Learn more about AccountsIQ multi currency cloud-based accounting software. Get your free trial and demo.