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The fun of currency translations, revaluations and consolidations

January 24, 2011

Today, as many other days, I went to visit one of our customers. This company does business in other countries and we met to discuss their currency translation, revaluation and consolidation processes. And after reviewing the way they currently perform these tasks through MS Excel I could not be more grateful to have tools like our Sage PFW to take care of such chores!

It is amazing the number of intricacies that are involved with processes that were probably originally thought to be simple ones. Same chart of accounts, everyone? How about the translation types and revaluation types for each one of them? And never mind if you try to consolidate companies with different chart of accounts structures and different accounts! This not to count if you want to calculate your earnings at a subsidiary level or a parent level!

So greateful someone put out the work to produce applications that make the definitions and execution of these requirements a very easy task! So our customer will go from spending 3 days a month to produce financials to a couple of hours!

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