Foreign Currency Bank Account
Tencia’s Foreign Currency Bank Account is a dynamically fluid feature that allows you to enter Purchase Orders, Creditor’s Invoices, Sales Orders, Debtor Invoices, General Ledger payments or basically anything in a foreign currency.
With an unlimited number of banks and an unlimited number of currencies, Tencia allows for centralised cash related transactions, for currencies in addition to the local currency.
What this means is that you can buy or sell in one currency, yet receive and pay in a different currency. Tencia keeps track of all transactions in your local and foreign currency and calculates exchange variances in real-time.
- Nominate a default foreign currency code for individual debtors and creditors.
- The foreign currency rate can be maintained daily or at a frequency that suits your individual requirements.
- Override the default foreign currency rate, during a transaction by entering a transaction “currency rate”.
- Reports such as the debtors and creditors trial balance reports can be printed using either the “default rate” or “transaction rate”.
- Optionally when printing debtors statements or creditors remittances a currency code can be selected.
- Inquiries can be performed to display local currency values and foreign currency values.
- Foreign Currency transactions are entered in the nominated currency of the bank account e.g. US dollars.
- Automatic calculation of local currency amount based upon conversion rates entered during data entry.
- Ability to revalue transactions allowing for unrealised and realised foreign exchange losses/gains to be generated.
- Automatically generate the necessary journals for revaluation of transactions.
- Print Cash Book reports such as the transaction list, in either local and/or the foreign currencies