Introducing the Multicurrency Module

The Multicurrency module allows organizations to process foreign currency transactions in a true nonprofit or government accounting environment. You can maintain an unlimited number of active currencies, rates, and rate types to create, and process transactions in any number of currencies with this powerful and comprehensive module.

• Complies with financial reporting regulation FAS 52 regarding recognition of gains and losses due to currency valuation.
• Easily maintain exchange rates on a daily or weekly basis or for any frequency required.
• Enter invoices in any currency and pay in your functional currency.
• Revalue as often as desired with automatic generation of accurate gain/loss entries created.
• Automatic recognition of gain or loss due to exchange rate fluctuations at time of invoice payment or receipt.
• Produce financial statements in any currency.

To Add This Module

1. First the Multicurrency module must be added to an organization by the Administrator.
2. Either add Multicurrency to a current organization (Organization>Add a Module Wizard - Module Panel), or select the Multicurrency module when creating a new organization (File>New Organization Wizard - Modules Panel).
3. Once the Multicurrency module has been applied to an organization, the Multicurrency menu selections are available. These selections are integrated into the MIP Fund Accounting menu selections.
4. There are Checklists available for setting up this module and its processes. Please refer to the online help (Help>Contents and Index>Reference) for modular specific menu selections, checklists, and common questions.