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- Multi-currency Accounting
- Who it's for
- Shared-service finance centres
Shared-service finance centres
A group that has centralised its finance work runs one team, in one place, closing many entities in many currencies. The people are not in the entities; they process for them. The centre needs to work across all of them at once without losing the line between them.
How Multi-currency Accounting is set up for you
Entity scoping on every role
A clerk is given the entities they process for and sees nothing else. A Controller is scoped to the entities they are responsible for. The centre lead receives the required group scope through the Controller role.
Approval limits that travel
Limits are stated in one currency per person. Retain the conversion into that limit currency and the decision amount for each approval, with a separate check that the person did not prepare the same work.
Checklists generated per entity, worked as one list
Each period opens a checklist per entity from that entity’s template; the My Close Tasks view merges a person’s tasks across entities by due date, and the Close Task Board shows every entity’s progress in one place.
Rates loaded once for everyone
the Treasury Analyst loads approved rates by pair, type and date. Each run uses the required date for its period. Missing rates remain assigned exceptions and block the affected posting until resolved.
Bank feeds into one queue
Configured bank connections bring each entity’s statement lines into the team’s work queue; reconciliations are prepared centrally by GL accountants and approved by the Controller responsible for that entity.
Intercompany between entities the same team serves
Both sides of a recharge are often keyed by the same centre, and the confirmation step still applies, by a different person.
Audit by entity
Each entity’s binder is complete on its own, so a local auditor never sees a neighbour’s data.
Features to start with
General ledger
Keep transaction amounts, functional values and approval evidence together across journals, close adjustments and group reporting.
Currencies and rates
Keep the source, purpose and approval behind every exchange rate, from document posting to group reporting.
Banking
Reconcile each bank account in its own currency, recognise unmatched cash and retain the evidence behind transfers and payment outcomes.
Roles on the team
- Controller
- Owns the trial balance, the close and the consolidated statements. Approves what the GL Accountant, the Treasury Analyst and the clerks prepare: manual journals, revaluations, reconciliations, bills and credit memos above the clerk limit, pay runs above the clerk limit, and the period close itself.
- GL Accountant
- Prepares manual journals, accruals and prepayments, bank reconciliations and the entity close tasks the Controller approves.
- Treasury Analyst
- Owns currencies, exchange rates, bank accounts, transfers between currency accounts and the month-end revaluation. Prepares what the Controller approves.
- AP Clerk
- Processes vendor bills in the vendor’s currency, checks them against the order and receipt references, and builds pay runs.
- AR Clerk
- Raises customer invoices and credit memos in the customer’s currency, applies cash at the receipt rate and runs dunning.
- Tax Specialist
- Owns tax codes, jurisdictions, filings and the tax accrual.
- Auditor
- External or internal auditor. Read-only across the platform with access to the closing binder, revaluation workings and the audit trail.
Set up Multi-currency Accounting your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.