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Hassle-Free Multi-Currency Customer Statements in Acumatica

This content discusses how a business can generate customer statements in various currencies in Acumatica. 

(a) Challenges

Businesses with clients overseas who make purchases in their local currency while the company uses a different base currency face a challenge in generating customer statements. The problem is compounded when a customer makes multiple purchases in a currency other than the company’s base currency. This leads to confusion when sending customer statements as they may not accurately reflect their transactions in their local currency. 

(b) Solution and Benefits

Acumatica provides a built-in solution through its multi-currency functionality. This functionality allows businesses to set up various currencies and their exchange rates with the base currency. You can configure the system to generate customized customer statements that reflect transactions in both the customer’s preferred currency and the company’s base currency. 

Benefits: 

  • Clarity and Transparency: By presenting transactions in both currencies, businesses can ensure clarity for both parties, reducing the possibility of confusion and disputes. 
  • Accuracy: The system uses defined exchange rates to ensure the accuracy of converted amounts. 
  • Automation: The process of generating statements is automated once the settings are configured. This eliminates the need for manual calculations and reduces the risk of errors. 
  • Efficiency: The automated process saves time and effort for the business. 
  • Improved Customer Communication: The system allows businesses to cater to the specific needs of each customer, improving communication and satisfaction. 

To effectively implement this solution: 

  • Enable the multi-currency functionality: This can be done through the enable/disable features in Acumatica. 
  • Set up currencies and exchange rates: Define each currency and its conversion rate with the base currency. 
  • Configure customer-specific settings: Choose the desired statement type (printed or emailed) and specify details to be included on the statement within each customer’s profile. 
  • Prepare and run the statement: Use the prepared statement feature in Acumatica to generate the statement automatically. 

Expert Assistance: 

If you’re experiencing difficulties setting up multi-currency transactions in Acumatica, consider contacting Tayana Solutions. They have a team of Acumatica specialists like Shiv Shanker who can help you navigate the system and implement the right solutions for your business. Contact them at 678-910-2774.