We’re pleased to announce an upgrade to Multi-Currency – one of our key additional modules and one of the things that makes Liquid stand out from the crowd. This upgrade will make it easier to process and account for some of the most complicated multi-currency transactions and will allow you to process multiple transactions in several currencies at the same time.
We currently offer a choice of Multi-Currency (which allows for transactions in multiple currencies and tracks exchange rate variances) and Advanced Multi-Currency (which also allows for bank accounts in different currencies, and allows you to transfer money between bank accounts in different currencies). Both of these options currently allow you to allocate an invoice in 1 currency against a payment in a different currency, however the new upgrade will allow you to allocate several invoices in several currencies to a payment in yet another currency, and it will work out the total exchange rate variance for you.
For example, you may supply a customer who has several offices in different countries. You invoice each of the offices separately in their own currency, however, all invoices and payments are dealt with by a central accounting office in another country. The accounts office sees all the invoices from one supplier (you) and pays them altogether in their currency. When you receive the payment you not only have to unknit the various invoices, but have to convert them back into the currency you invoiced in and work out how much you’ve been paid in your own base currency. Liquid now helps you do this without you having to allocate each invoice separately and then work out the total variance.
The upgrade will be available for any of our customers using Multi-Currency but is particularly beneficial for companies who bank in different currencies. It is currently in BETA testing and we will let you know when it will be released shortly.
If you’d like to know more about Liquid’s Multi-Currency or would like Multi-Currency support or training, please call or email on 0845 867 7280, or firstname.lastname@example.org.