Overview:

The multi-currency feature is crucial for businesses that operate across international borders or engage with clients and suppliers in different currencies. Multi-currency functionality enables organisations to record transactions in various currencies, maintain accounts for each currency, and automatically handle exchange rate fluctuations. It also allows for the generation of financial reports in multiple currencies, providing a comprehensive view of financial performance across different markets.

Zumzum Financials processes transactions with multiple currencies. Each transaction will calculate the values in three different currencies:

Foreign Amounts – fields with the prefix Foreign represent the transaction currency. Users will select a Zumzum Currency on each transaction.

Company Amounts – fields prefixed with Company Amounts represent the Foreign Amount converted to the Company Currency defined on each Company (Zumzum supports Multiple Companies)

Amounts – fields without any prefix represent the Foreign Amount converted to the Currency that  “Is Corporate” is ticked

When you enable the Zumzum this feature, each page in the user interface will allow the user to select a Zumzum “Currency”.  This essentially is the Transaction Currency, which will be converted to the other currency values.

Enable Zumzum Multi-Currency

Follow these steps to enable the Zumzum Multi-Currency feature

1. Go to the Setup(Zumzum) tab.
2. Click the Company Setup button.
3. Select the Edit button.
4. Tick the Multi-Currency Organisation.
5. Click Save.

Learn more about using multiple currencies for cash, sales, and purchasing transactions in Zumzum Financials.