Multi-Currency Translation in Reporting and Consolidation 🚀- Emfino Super Feature #3

The automated foreign currency translation module converts ALL local currency data into the Reporting currency upon data import into the system, allowing you to benefit from real-time reporting and consolidation!

You can import data for all legal entities worldwide. The system performs multi-currency translation and consolidation at a very advanced level, as all the imported data are translated to the reporting currency at the Transaction level. Yes, you can see transaction drill-downs, even in the Consolidation reports!

Currency Translation for Consolidation 🚀- Emfino Super Feature #3

The system offers 10 automated FOREIGN CURRENCY TRANSLATION STRATEGIES, including HISTORICAL rates, for instant local-to-reporting currency conversion. The strategies can be customized for EACH ACCOUNT in the Group Chart of Accounts ( Group COA) and will be consistently applied across all Group entities.

Several currency strategies are available for balance sheet accounts that must be kept and shown in the reports and consolidation at the HISTORICAL rates, for example, Investments in Subsidiaries, Share capital, Reserves, Retained earnings, and others. Many consolidation software apply month-end currency rates to these accounts, resulting in ever-changing balances in the reporting currency where they shouldn't. Emfino calculates the historical rates that have to be brought forward to the next periods.

Keep your financial team smiling 😊: no manual currency translations and no changing balances for investments, share capital, or retained earnings in the reports in reporting currency! Modify a currency strategy in the COA and watch all reports update instantly!

Examples of Currency Translation for Reporting and Consolidation in Emfino DEMO System

1) List of currency strategies to choose from for instant local-to-reporting currency conversion.

1) Emfino Demo: List of currency strategies for foreign currency translation to reporting currency

2) Setting up the currency strategy for each account in the Group COA.

2) Emfino Demo: Setting up the currency strategy for each account in the Group COA

3) Screenshot from Monthly report in Reporting currency (EUR) - movement in equity items and investments is as smooth as in Local currency (PLN).

3) Emfino Demo: Monthly report translated to the reporting currency

4) Screenshot from Consolidation report in Reporting currency (EUR)

4) Emfino Demo: Screenshot from Consolidation report with Local data in multi-currencies automatically translated to Reporting currency