Multi-currency accountingKeep foreign and local amounts side by side.
An exchange rate master with a daily sync, default rates on vouchers and invoices, and foreign and local currency amounts stored on each ledger line.
Shipping finance
Overview
Freight is quoted in one currency and collected in another, so Sailix stores both sides. The Exchange Rate Master holds dated rates against a USD base for seven currencies: EUR, GBP, INR, AED, JPY, CNY and SGD. A daily job reads a public currency rates feed and writes the day's rates for every organization, and you can add a rate by hand for any date.
Those rates appear where amounts are entered. Receipt and payment vouchers, the contra journal and the general journal default the rate from the master and derive the foreign currency amount, while leaving the rate open to edit. Each ledger line keeps its currency, foreign amount, rate and local amount, which is what the foreign currency report layouts read.
Capabilities
What it does
Exchange rate master
Rates are stored per currency and valid-from date against a USD base. Every dated row is kept, so the list shows the rate history for each currency.
Daily rate sync
A scheduled job runs once a day, fetches USD-based rates from a public feed and saves them for each organization under the feed's date.
Live reference rates
The master screen shows live reference rates beside the add-rate form, so you can compare the market figure before saving a rate of your own.
Default rates on entry
Voucher lines take their rate from the master, crossing through USD when neither currency is the base, and calculate the foreign amount from the local amount.
Foreign currency on invoices
Export and import invoices convert charge amounts with the latest master rate for each currency, and quotations use the rate that applies on the quotation date.
Statement conversion
The agent statement of account converts balances at the rate for the period end date, and the party ledger offers foreign currency report layouts.
Workflow
How it works
First
Let the sync run
Rates for the supported currencies arrive each day. Open the configured rates list to confirm the date and value before a busy invoicing run.
Then
Add a rate if needed
Enter a currency, rate and valid-from date for a day you want to set yourself. A synced rate for that same date replaces it.
Next
Enter the transaction
On a voucher line, choose the currency and local amount. The rate fills in and the foreign amount is calculated. Change the rate if the bank applied a different one.
Finally
Report in either currency
Run the general ledger or the party ledger in a local currency or foreign currency layout to read the same entries from either side.
Questions
Questions and answers
Which currencies does the Sailix exchange rate master support?
- Rates are stored against a USD base for EUR, GBP, INR, AED, JPY, CNY and SGD. Conversions between two non-USD currencies are worked out through USD. Each organization has its own rate rows, so a rate added by hand applies only to that organization.
How often are exchange rates updated?
- Once a day. A scheduled job fetches USD-based rates from a public currency rates feed and saves one row per currency for each organization. If a lookup finds no stored rate for a currency, Sailix tries the live feed and stores the result for next time.
Can I override the exchange rate on a voucher?
- Yes. On receipt and payment vouchers the rate defaults from the master but stays editable on each line. On purchase and sales journals and on credit and debit notes the rate is typed by hand and starts at one, so the document can carry the vendor's or the bank's rate.
Does Sailix post exchange gain or loss automatically?
- No. Sailix stores the foreign amount, rate and local amount on each ledger line, but it does not post realized or unrealized exchange differences or run a revaluation. Those entries are booked by your accountant as separate journals.
Related
Works with
Export invoicing
Bill export charges against the booking and B/L, split prepaid from collect, and hold B/L issue until the invoice is receipted or approved.
Agent statement of account
A statement of account per principal line with annexures, month closing, carry forward, debit notes, settlement and an Excel workbook.
Vouchers and journals
Receipt and payment vouchers, contra, purchase and sales journals, and credit and debit notes, each posting a balanced ledger voucher when saved.
Part of Shipping accounting software
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