A new way to manage Multi-Currency Functionality

This feature is designed to streamline expense management for businesses engaged in international transactions, eliminating the complexities associated with multi-currency handling.

How It Works:

  1. Seamless Expense Entry: Users can now select the foreign currency when recording an expense. This flexibility extends across various expense categories such as travel, parking, accommodation, office equipment, and miscellaneous expenses.
  2. Automatic Currency Conversion: iSAP Expenses takes care of the currency conversion effortlessly. The system automatically credits the amount in the foreign currency and then converts it to local currency based on the daily exchange rate.
  3. Enhanced Accuracy and Timeliness: The daily exchange rate mechanism ensures that currency conversion is both accurate and timely. This eliminates the need for manual calculations and minimises the impact of fluctuating exchange rates on financial records.
  4. Local Currency Presentation in SAP: All expenses, once recorded in the foreign currency, seamlessly appear in SAP Business One in the local currency. This simplifies financial reporting and ensures consistency across the entire expense management process.
  5. Versatility Across Expense Categories: Whether your business involves travel or any other international transactions, the Multi-Currency Functionality adapts to diverse expense categories, providing a comprehensive solution for your global operations.

Benefits:

  • Efficiency: Simplify your international expense management process, reducing the time and effort traditionally spent on currency conversions.
  • Accuracy: Rely on precise and automated currency conversion, minimising the risk of errors associated with manual calculations.
  • Global Adaptability: Conduct business globally without the burden of intricate currency management, fostering a more streamlined and focused approach to international operations.