Foreign banking module

Foreign Banking

Triumph over fluctuating exchange rates and other international trading complexities with the foreign currency modules1

If you do business in Japanese yen, US dollars, Euros, or any other currency, Triumph ERP’s Foreign Currency modules1 lift trade barriers and make it easy to buy or sell anywhere in the world.

You can create an unlimited number of foreign currencies, including high value exchange rate currencies and link your transactions with your Debtors module, accounting in your home currency and billing in your customer’s currency automatically.

The system gives you the choice of viewing and reporting accounts and transactions in either the base currency or the originating foreign currency.

You can set exchange rates daily to an accuracy of four decimal places. The gain or loss from foreign exchange may be taken up immediately or when payment is finally made or received.

Gains or losses are recorded in the General Ledger in a nominated account. Unrealized gains and losses may be reported and summarised by currency type, and realised gains and losses may be viewed and reported on each foreign currency transaction.

If you purchase goods from overseas on a regular basis, then having a Foreign Currency Bank Account will provide you with increased benefits of streamlining payments, reducing costs, while offering better protection against fluctuating exchange rates.

Triumph’s Foreign Banking module is the perfect companion to allow you to easily control and monitor these bank accounts. Foreign Banking enables you to maintain, reconcile and revalue multiple bank accounts in any foreign currency.

With Triumph’s Foreign Banking Module, you can see and reconcile transactions on the screen exactly as you see them on your bank statement. Match statement lines from your bank account with exact foreign currency transaction amounts you’ve created in Triumph and just click OK to reconcile.

It’s effortless to keep your accounts accurate and up to date. By using Foreign Banking within Triumph ERP software, you can see your financial position more clearly, eliminate double-handling and reduce potential discrepancies.

Features include:

  • Create and reconcile any number of foreign currency bank accounts.
  • Use any number of foreign currencies, from Yen to Rupiah.
  • Reconcile petty cash accounts in a foreign currency.
  • Transfer funds between different currency bank accounts.
  • Seamlessly integrated with all other Triumph function such as General Ledger, Foreign Debtors, Foreign Creditors.
  • Setup GL Journals and Standing Journals based on a foreign currency.
  • View all balances and transactions in the foreign currency or base currency.
  • Override the exchange rate on transactions.
  • Revalue your foreign bank accounts as and when required.
  • Post foreign currency gains and losses to a nominated account.

1Foreign Currency Modules include Foreign Debtors Module, Foreign Creditors Module, and Foreign Banking Module.

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Foreign currency bank accounts can be set up with your desired currency and banking systems.

Simply start with the Standard Base Pack, consisting of 6 modules, then add one or more of the remaining 47 fully integrated modules that are relevant to your business needs1.

1 Foreign Banking Module is dependent on Bank Reconciliation Module.

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