Multi-Currency Handling in Accountability

Step by Step Guide:

How Accountability Handles Multi-Currency

1. - When a new Company is created, its Company Home Currency is established.

• This currency becomes the default for all transactions unless overridden by:
  • Office Home Currency
  • Client Currency
  • Or at the point of creating a transaction.
• The Company Home Currency is also used for consolidation purposes.

Establishing Currencies

2. Navigate to Setup Files > Currencies.

3. Click New Currency.

4. - Enter the following:

• Currency Code (e.g., EUR)
• Currency Name (e.g., Euro)
• If the currency uses decimals, check the Decimals? box.
• Enter the Exchange Rate to the Company Home Currency:
  • Example: If 1 GBP = 1.25 EUR, enter 1.25.
• The system automatically calculates the reverse exchange rate (reciprocal).
  • Example: 1 EUR = 0.8 GBP.
• Check Active to enable the currency.

5. Click Save.

Tip: Tip: Use the Home Office Currency dropdown on the Search Currencies page to view FX rates based on a different base currency.

Defining an Office Home Currency

6. - When creating a new Office, specify its Office Home Currency.

• This currency:
  • Becomes the default for all transactions for that office.
  • Is used for system journals and major reports.
• To change:
  1. Go to Setup Files > Offices.
  2. Select the office code hyperlink.
  3. Choose the currency from the dropdown list.

Defining a Client Currency

7. - By default, a client inherits the Office Home Currency during setup.

• To change:
  1. Navigate to Master Files > Clients.
  2. Select the client code hyperlink.
  3. Under Default Currency, choose the desired currency.
  4. Click Save.

Alert: Impact: All estimates and invoices for the client will use this currency unless overridden during transaction creation.

Creating an Estimate in a Different Currency

8. - Create the Estimate Header and click Save.

• On the top-right, click the Currency hyperlink.

9. - Select the desired currency from the dropdown.

• Click Save.

Alert: Important:

• All estimate versions for a job must use the same currency.
• To avoid FX variances between estimates and production invoices:
  • Go to Setup Files > Setup Options > Other Settings.
  • Check Use Estimate FX Rate for Production Invoices.

Tip: ### Why This Matters for Agencies

• Global Client Management: Invoice clients in their preferred currency.
• Accurate Reporting: Consolidate financials across offices without manual conversions.
• Efficiency: Reduce errors and save time on currency adjustments.