CURRENCY CONVERSION FOR FINANCIAL REPORTING
CurrencyFYI is a cloud-based currency converter and calculator software that translates your financial statements in foreign currency by converting balances from one denomination into another currency, or into many other currency denominations.
CurrencyFYI completes the translation calculations outside the general ledger. This approach provides the flexibility needed to evaluate your financial position daily, weekly, monthly, or at an interval that best suits your business needs.
Translate Currencies by Account Type
Accounting standards demand a consistent translation methodology in order to provide a true reflection of economic circumstances and potential drawbacks. CurrencyFYI conforms to these accounting standards through its ability to translate by account type, based on the following methods:
- Spot or Average Rate Method – Provides several methods to use: number of monthly rates, number of days in the month, or a rate entered
- Period or Month-End Method – Uses a single monthly rate
- Historical Rate Method – Uses the rate on the original transaction date
Schedule a Demo
See the benefits of converting currencies outside your general ledger.
Schedule a brief demo to learn how FYIsoft can help you quickly translate multi-company balances into a single currency for financial reporting.