Since trading activities have become increasingly global, the ability to use multiple currencies becomes very important. Most applications support this, but with significant restrictions. With SocrateCloud transactions, reporting, accounting can done in multiple currencies without any restrictions:
Transactions with multiple currencies:
Ability to perform transactions in a currency other than the user's
Ability to recalculate the value of transactions as a result of the exchange rate fluctuations
Ability to open bank accounts in multiple currencies
Reporting in multiple currencies
Ability to report transactions or balances in multiple currencies.
Accounting in multiple currencies
Possibility of recording transactions in multiple currencies at the same time.
Although many applications claim to provide the possibility of working with multiple currencies, they usually are limited to transactions in multiple currencies, and do not support accounts in foreign currencies. In SocrateCloud, currencies are converted and the amounts are handled in foreign currencies, rather than in the account currency.
Some currencies, such as Euro, require particular precision and rounding rules, and countries like Romania pay special attention to differences resulting from rounding and conversions. This is necessary when the conversion can have unacceptable results due to exchange rate differences (e.g. in countries with unstable currencies) or if the differences resulting from EUR/RON rounding have to be eliminated.
Other applications may support transactions in multiple currencies or even have parallel functionality for currency conversions, but they may cause inefficient operations as a result. SocrateCloud supports all aspects involved in using multiple currencies (price lists, customer preferred currency), hence there is no need to copy or replicate transactions. A transaction can be registered in journals in one or more currencies. A currency can be used, changed or abandoned easily, at any time.