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Benefits of Multi-Currency Accounting in Brightpearl

Multi-currency

Brightpearl introduced full multi-currency functionality towards the end of 2016. All new accounts have it activated by default, but if you have an older account then it may not have been switched on yet. In our view, this is one of the best accounting upgrades that Brightpearl have done. If you do anything with more than one currency, then it is worth asking for it to be switched on using this form and here are the reasons why…

Bank Accounts

You can now set up multi-currency bank accounts.  This makes foreign bank account reconciliation much easier and quicker.  You no longer have to enter odd balancing transactions to get final balances to match and you can be sure that all transactions have been accounted for.  This is also helpful where you use different currencies in Paypal and transfer balances between them.

You can now use the import / matching functionality on foreign currency accounts as well.  This helps if you have lots of bank charges that need to be entered.  They can now be done directly from the import screen and can be created in the correct currency rather than having to convert them back to base currency and enter them manually.

Suppliers

Where you have paid suppliers in a foreign currency, you can see exactly what you paid them rather than having to work back from the base currency figure.

This is especially useful where part payments are made – for example when you make deposit payments to suppliers which sometimes cover more than one purchase order.  You can now see exactly what has been paid and what is outstanding in the payment currency giving you a much clearer view on the supplier account.  It also makes it much easier to check any supplier statements that you receive.

You can also enter supplier ‘bills’ in a foreign currency.  This is very useful for things like software purchases in another currency.  You can enter a bill straight away rather than having to wait to see what was actually paid, or raising a purchase order to get a currency figure.

Customers

As with suppliers, you can now see exactly what has been received in foreign currency amounts and what is still due.  Statements can be produced in the correct currency and sent straight to the customer and the view of the customer account and what is owed is much clearer.

You can bill in different currencies and track how much is owed in each one rather than having all currencies being mixed up together.

 

If you need any help with multi-currency accounting in Brightpearl, just contact us here.

 

 

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