Sage X3, by design, is a multi-currency solution. It can handle pretty much any currency you can think of but how you maintain those rates within X3 can determine how much manual intervention is needed.
Companies who trade and report using a number of different currencies within their group will often decide on rates to be valid for a period of time (days, weeks, months in some instances) and where to get those rates from. Although, this is great from a group consolidation point of view, it does mean that the process of updating rates can be a little time consuming and often lead to discrepancies.
Implementing and maintaining multiple rates requires multiple steps. Deciding on the source of your rates is step one, agreeing on how often those rates are updated is step two, applying those rates within Sage for the agreed time periods is step three and then dealing with any rate variations is step four. The more currencies that are being used, the longer the task becomes.
In order tohelp automate this process we, at Acuity, have developed a module which allows for Sage X3 to automatically update currency exchange rates from a trusted source without any manual effort required from users.
We wanted to create a process that was simple to use and fully automated within X3 so that once you create the rules around the currencies you are using (and when the rates update), you can pretty much forget about it.
Our FX module also provides:
- Exchange rate data for 170 world currencies, including Bitcoin
- Automatic management of multiple currencies and different rate types
- A standard connection to rates based on more than 15 leading data sources including banks and other financial data providers
- The flexibility to be linked to other exchange rate sources (on request)
If you would like to know more about how to streamline your currency management within Sage X3, please don’t hesitate to get in touch on 07800 912056 or alternately, click below and we will give you a call back.
Choosing Acuity Solutions means choosing one of the top 5 global Sage business partners, with over 20 years' experience in the Sage product marketplace, we have previously held the Sage "Business Partner of the Year" awards for Sage X3 and Sage 300.