Connected Accounting Blog

Welcome to the Connected Accounting and ERP blog.  Our goal is to communicate useful information to both potential and existing Connected customers. Posts will be added every couple of weeks and will focus on both Mac and PC accounting users. Subscribe or check back often for news on upcoming releases, events, and helpful hints and tricks.


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Posted: Apr 18, 2017
Category: General,
Posted by: Accountek Solutions.

With increased globalization and cross border commerce it is vital that your business can process transactions in multiple currencies.  Whether you’re a small distributor, manufacturer, or an importer/exporter, the challenges of buying and selling in different currencies are the same - fluctuating costs of inventory, tracking volatile exchange rates, and reporting the gains and losses from currency transactions.  These challenges only become greater when your accounting software is not making these complicated transactions for you.  

With a full multi-currency module, in your accounting and inventory software, you will be able to keep the General Ledger in your local currency, generate purchase orders in the vendor’s currency, and send invoices in your customer’s currency. Transactions throughout the system are translated from currencies and exchange rates that you can define and update.  You will also gain the flexibility to use different buy and sell rates, create selected reports to view in local or foreign currencies, and track exchange rate history.

Key Benefits of Foreign Currency Conversion:

  • Streamline the management of multiple currencies, exchange rates, and currency fluctuations
  • Maintain a clear view of your company finances by automatically posting realized gains and losses when payments are received or issued
  • Simplify invoicing by locking in a specific exchange rate while sales orders and purchase orders are issued and processed
  • Organize your records by printing reports about your currency codes, tables, and exchange rates

Other advantages to using multiple currencies:

Creating and Paying Customer and Vendor Invoices in Multiple Currencies

Using default currencies for customers and vendors helps ensure that transactions entered will be converted to your home currency without manual calculations or additional entries.   For example, customer orders will be created in the customer’s currency, and once converted to a sale, the system will calculate the transaction in the applicable currency.   When a customer payment is received, the rate of the sale is compared to the rate at the time of payment, calculating the currency gain/loss on the transaction.

Landed Cost Tracking

Tracking landed cost of an item calculates the true cost of an item with the exchange rate included.  Having an accounting software that supports landed cost means it calculates any costs associated with the inventory purchases – including freight, duty, and brokerage.  

Selecting the right software vendor with experience in complex currency transactions and who understand your industry is also important.  Knowledge of the specific multi-currency configuration requirements is just as important as the calculations themselves.

 

Posted: Dec 3, 2016
Category: General,Tips & Tricks,Product Announcements,Technical,
Posted by: Accountek

Learn how the new Sales Ledger, released in Connected 8.1, can help combine and manage customer invoices from a single screen.

Posted: Nov 15, 2016
Category: General,Tips & Tricks,
Posted by: Accountek Solutions

Tracking inventory by lot number is easier than you think with Connected. In this post we examine what is lot control traceability, why companies need to track inventory by lot number, and how Connected can do the work for you.

Posted: Jul 20, 2016
Category: General,Tips & Tricks,Technical,
Posted by: Accountek

This article is a useful tip on how to change the computer date format which can cause date issues when exporting reports from Connected to Excel.

Posted: Apr 26, 2016
Category: General,Tips & Tricks,Technical,
Posted by: Accountek

Learn how to use one of the truly unique features in Connected 8 - the "Pin".

Posted: Oct 14, 2015
Category: General,Technical,
Posted by: Accountek Solutions

Apple's latest Mac OS update, El Capitan, was released in late September. In this post we examine the pros and cons of installing the update and how it relates to the Connected Accounting and ERP Software.

Posted: Oct 7, 2015
Category: General,Tips & Tricks,
Posted by: Connected Support

There are times when a customer payment is matched against the wrong invoices or even recorded to the wrong customer completely. Connected has a quick and easy way to make corrections while maintaining a complete audit trail.

Posted: Sep 18, 2015
Category: General,Tips & Tricks,Technical,
Posted by: Harvey Luong

Learn how to use “Subtotals” function in Microsoft Excel to leverage your Connected Accounting and ERP sales data.

Posted: Jan 20, 2015
Category: General,Tips & Tricks,
Posted by: Accountek

As we round the corner and begin 2015 many Connected users are getting ready to put the 2014 books behind them. The most common fiscal year for business is calendar (January – December) so we have prepared a few tips to make the year end a smooth one with the Connected Accounting and ERP Software.

Posted: Dec 4, 2014
Category: General,Product Announcements,
Posted by: Accountek

The new “Customer Query” window makes customer data mining easier than ever in the upcoming release of our premium Mac and PC Accounting and ERP Software.


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