If your company's entities operate in the same country, they can work with the same national currency and can use the same accounting currency. If some entity operates in another country, it might need to use other national and accounting currencies.
FirstBIT ERP provides the multi-currency functionality that can be configured at the entity level.
Setting up the functionality
First, you must add all the necessary currencies to the Money > Master Data > Currencies form. You need to add all the national currencies for the entities that operate in other countries and the accounting currencies to be used by the entities.
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As for Entity2 with SAR as the national currency, all sales and purchasing transactions in foreign currencies including AED are converted to SAR for VAT purposes - VAT is paid in SAR. The exchange rates for all currencies with respect to SAR can be imported from an Excel spreadsheet. Also, all transactions are converted to AED and posted to General Ledger.
Creating sales and purchasing documents
When an entity sells goods and services in the country of registration, it creates Quotations, Customer Orders, and Invoices. Information on exchange rates used for the document and the taxation option appears as the link on the Main tab of the document.
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If you need to review the data or enter another rates, click the link - this opens the Prices and Currencies dialog box which is similar to the dialog box as is shown on the screenshot earlier. For details, refer to The Prices and Currencies dialog box (Purchasing).
Creating Payroll Documents
For documents in the HR and Payroll module, such as Employment Contracts, Employment Contract Changes, Payroll Calculations, Vacations, Accumulated Vacation Pay, Sick Leaves, Terminations, the default currency is the national currency of the entity. When you create any of this documents for a specific entity, the national currency assigned to the entity is used as the default currency, although you can use other currencies. On posting the documents, the amounts in other currencies are converted to the accounting currency of the entity and recorded to General Ledger.
Processing Taxes
The collected VAT amounts are reported for and paid in the national currency of the country where the entity is registered. If the sales or purchases were paid using foreign currencies (other than the national currency), the amounts of deals were converted to the national currency, and the taxes are calculated and paid in the national currency. Revaluation of VAT Payable accounts in the accounting currency is not performed.
Reporting
Financial reports can show you the financial information for each entity and the consolidated information for the company.
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