Overview
ActionStep Actionstep comes with a full Foreign Currency ability. Foreign Currency is where you are holding Foreign Currency Bank Accounts. You may do Sales in USD and hold funds in USD, your base currency being NZD. For the puposes of reporting these transactions will be converted at the rates in your system - where the rate has changed since the transaction the system will create "Unrealised Foreign Exchange Gain/Loss". This gain/loss is "Realised" when the funds are converted with a bank transfer in/out of your local currency.
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All three are calculated on the fly and have detailed breakdown reports to justify their numbers. We do this because it prevents the system from creating inconsistencies with back/future dated transactions and/or changes to the historic exchange rates.
This also (potentially) allows us to work in more then 2 currencies, so you could invoice in USD, pay in AUD and report in NZD.
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ActionStep Actionstep does not consider a purchase in a Foreign Currency out of your Local Currency to be a multi-currency transaction (your local currency left your bank account). At the moment these types of transactions will need to be manually calculated. An alternative would be to set up "dummy" FX accounts and transfer the funds into your base currency on receipt. |
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The Foreign Currency set up will allow you to use a Multi-currency system. The Exchange rates set in your system will determine conversion of your Foreign Currency into your Local Currency for reporting.
This screen is held in ActionStep Actionstep Accounting Admin and allows you to add or edit the available currencies used by the Accounting Application. These only need to be modified when Multiple Currency Support is enabled via the Config screen or if your local currency has not been enabled.
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In order for the background calculations in ActionStepActionstep, a number of your system accounts need to be set up for each currency.
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