Multi-Currency Workarounds in Elliott

Multi-Currency Workarounds in Elliott

Q - I know Elliott doesn't have a Currency Management module, but I'd like to know if there's any effective "workaround" to simulate multi-currency processing in Elliott? Maybe another customer has shared with you some external method they are using to emulate multi-currency processing?

We've got a very simple, low volume scenario, and I was just curious if anybody has figured out a way to "game" the system a bit to get the financial results desired -- emulating multi-currency transactions in a system that doesn't inherently support multi-currency.

A - We have a Canadian customer doing it this way if your scenario is as simple as you described: 
If your particular customer and related selling item can be isolated, you may create separated group of GL Chart Account to handle that. 

For example (using separated Profit Center)

1. Cash in Bank (Canadian Dollar) 
2. Accounts Receivable (Canadian Dollar) 
3. Sales, Freight, Misc (Canadian Dollar) 
4. Inventory (Canadian Dollar) 
5. COGS (Canadian Dollar) 
6. Accounts Payable (Canadian Dollar) 

For each GL account, you have a US Dollar conversion variance account associated with it. For example, Cash-In-Bank balance 1300.00 (CND) with a conversion variance account -300.00 (USD) to present a balance in  USD of 1000.00. 

For reporting purposes, you should set a unique Customer ID (start from C00001), Product Category, and Material Cost Type to help GL account settings and other sales history reports.

You should realize that this is not a perfect solution, but it can be managed.  See the following article for more details:




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