In today's globalized business environment, managing transactions in multiple currencies is a necessity. Tigg Accounting Software addresses this need with its comprehensive Multiple Currency Feature, designed to streamline international financial operations for businesses operating in global markets. Let's explore how this feature can enhance your accounting processes and ensure accurate financial reporting across various currencies.
When to use the Multiple Currency Feature
Businesses often engage in multiple transactions happening in foreign currencies, such as issuing invoices or incurring expenses. The multiple currency feature in Tigg offers numerous advantages and has significant implications for recording transactions, bill printing and generating accounting reports. With these benefits in mind, let's explore how Tigg's multiple currency feature enhances various aspects of business operations.
When printing documents such as invoices and quotations, the currency will be displayed in the chosen foreign currency, ensuring that the amounts are clear and accurate for international clients.
This allows for accurate and detailed financial records, reflecting the true value of transactions without conversion distortions.
Reports can be filtered based on different currencies. This capability provides precise financial insights and aids in better financial decision-making.
There is a nuanced implementation of multiple currency in import purchases, where the tax base and additional costs are input in NPR (Nepalese Rupees), while other information can be recorded in the chosen foreign currency for accurate tracking.
Overall, the multiple currency feature in Tigg enhances the clarity and precision of financial documents and records, making it easier to manage international transactions and gain valuable financial insights.
How to use the Currency Feature:
The steps to use multiple currency feature in Tigg have been summarized below:
Go to configurations within your Tigg account and select Organization. Within the Organization settings, locate the Features section, scroll down to the Multiple Currency option and toggle the switch on to enable it.
Before using different currencies in Tigg, you need to add the specific currencies you intend to use. Within the Multiple Currency option in the Features section, click on "Add New Currency." Select or search for the desired currency from the list. The Name and Symbol fields will be pre-filled but can be changed to suit your preferences.
With multiple currencies enabled and your desired currencies added in Tigg, managing transactions becomes straightforward. While entering transactions, select the appropriate currency and specify the applicable exchange rate. Transaction amounts will be converted to Nepalese Rupees (NPR) for accounting purposes based on the specified exchange rate.
On reports like Customer/Supplier Statements and Detail General Ledgers, click on the currency filter option, select the currency in which you would like the report to be generated and click on generate. All transactions recorded in foreign currency will be shown in that currency.
You can also add opening balances of accounts and statements in foreign currency. To do this, simply select the desired currency and specify the conversion rate when adding the opening balance.
For detailed instructions on using the multiple currency feature in Tigg, click here
The Multiple Currency Feature in Tigg Accounting Software is designed to meet the diverse needs of businesses operating in international markets. By enabling and effectively managing multiple currencies, businesses can ensure accurate financial tracking, reporting, and compliance, making Tigg an invaluable tool for global financial management.
