the System currency is an additional currency that is used parallel to the Local currency is used. It is often used by subsidiaries whose head office reports in a different currency.
Furnishings:
- The system currency is displayed in the Company details is defined on the "Basic initialisation" tab.
- Important: After the first journal entry, it is no longer possible to change the system currency.
Function:
- Account balances are managed in both local currency and system currency.
- Reports like P&L, balance sheet and List of balances can be created in local currency, system currency or both currencies.
Prerequisites:
- Daily course maintenance: Exchange rates must be updated regularly, as balances are kept in both currencies.
- In addition to the local and system currency, vouchers and accounts can also be Foreign currencies be managed.
Versino Financial Suite
the Versino Financial Suite for SAP Business One facilitates parallel accounting by enabling automatic exchange rate updates and automatically converting postings in local and system currency. This means that balances are displayed correctly in both currencies, which simplifies financial management for multinational companies in particular.
Exchange rate differences:
The valuation of Exchange rate differences is carried out on the reporting date to ensure correct values for open items and account balances.
The system currency facilitates reporting and consolidation in international companies, but requires precise maintenance of exchange rates.
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