Multi-Currency

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Wings supports full multi-currency operations. This enables you to do transactions and maintain your data in multiple currencies. You can maintain unlimited currencies in addition to your company currency, do transactions and take reports in base and other currencies. Broadly, this feature supports:

• Working with multiple-currencies
• Multi-currency reports
• Exchange rates and fluctuations

Default Currency

Wings allows you to set a default currency (i.e. the currency which you apply for your financial statements and other reports) for company or branch. In transactions, default currencies are automatically shown along with exchange rates. Alternatively, you may also set default currencies for different transactions by configuring them, for instance, 'INR' for 'Sales Invoice', 'USD' for 'Purchase Invoice', etc.

Currency Properties

You can maintain prefix, suffix and symbols for currencies. You may include these properties to print in documents, vouchers, invoices, etc.

Exchange Rates

Wings allows you to maintain any number of exchange rates for your currencies. You may set rates with 'with effect from' dates, to keep recording changes in exchange rates. The effective rate is automatically applied in transactions, based on the date.

Exchange Fluctuations

Wings automatically processes the currency rate differences based on the rates assigned for each currency and effective dates, and allows you to post such fluctuations to exchange fluctuation accounts. You may know whether the difference in currency rates is a loss or gain before accounting for fluctuations.

Multi-Currency Transactions

You can do transactions with the default currency or in the currency of your choice. Exchange rate is automatically picked based on the date and currency selected. Wings will display the transaction values (Gross Amount, Discount, Tax, etc.) with respect to the default (base) and the transaction currencies.

Multi-Currency Reports

Wings enables you to transact in any currency and take reports in any currency of your choice. For instance, you may enter sales in 'INR' and take Sales Book in 'USD', or 'Euro'.

Optional

The multi-currency feature works effectively with all Wings products and is optional. You may enable or disable this feature using Features Management whenever required.

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