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Expand into international markets with confidence and handle foreign currencies with ease. Whether you need to share financial data with international partners or manage accounts with customers and vendors in other countries, multicurrency support in Microsoft Dynamics™ NAV helps reduce the complexity of global transactions.
With Multicurrency in Microsoft Dynamics NAV, you can define an unlimited number of currencies, track exchange rates, manage entire accounts, and report on financial health in the currency of your choice. Conduct business smoothly across borders to strengthen customer and partner relationships and grow your business.
1. Set up relational exchange rates in the format applicable in your country.
2. Define an unlimited number of currencies and exchange rates per currency or set specific rates as needed for individual companies, contracts, or transactions.
Benefits:
- Work without barriers across a global market. Manage everything from invoicing to payments for business accounts in the currency your customers and partners prefer.
- Increase financial efficiency. Streamline processes for managing accounting operations involving multiple currencies and variable exchange rates.
- Manage international operations with ease. Maintain multiple currencies for payables and receivables, general ledger reports, bank accounts, and inventory. Use the exchange rate functionality to consolidate your financial statements.
- Comply easily with international accounting standards. Specify translation methods for foreign currency statements to simplify compliance with Financial Accounting Standards Board (FASB) and International Accounting Standards (IAS) guidelines.
- Enhance business relationships. Provide partners and other stakeholders with online views of balances and options to print financial reports for up to two currencies.
Features:
- Currency rate definitions. Define an unlimited number of currencies and exchange rates per currency or set specific rates as needed for individual companies, contracts, or transactions.
- Multicurrency reporting. Show multicurrency activity in financial reports or translate existing reports into multiple currencies to share information with associates around the world.
- Realized gains and losses tracking. Automatically track and record realized gains and losses for sales and purchases due to the effect of changes in exchange rates.
- Exchange rate tracking. Set up relational exchange rates in the format applicable in your country. Define specific exchange rates for daily transactions and for the adjustment of balance sheet accounts in a specified period. Track the date and time of exchange rates used in multicurrency transactions to facilitate audits.
- International account management. Specify a default currency for each customer or vendor account, and manage the entire account in that currency, including invoicing and payments. View all payable and receivable accounts in both local currency and the foreign currency in which the transaction was made.
- Intercompany transactions and reporting. Create and distribute intercompany transactions—including sales and purchase documents and general ledger entries—with support for multiple currencies. Enable global partners and stakeholders to view balances online and print financial reports for up to two currencies simultaneously.
- Standards support. Simplify compliance with FASB and IAS guidelines by specifying translation methods for foreign currency statements. Maintain the general ledger in two different currencies or maintain a foreign currency as your base currency to align your accounts with the currency used by your parent company.
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