Multi-Book Accounting for Fixed Assets Management
The Multi-Book Accounting add-on for Fixed Assets Management lets you assign assets to multiple books. The asset values are automatically converted to the base currency of the book where the asset is recorded.
Multi-Book Accounting for Fixed Assets Management provides the following features:
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Parallel Currencies
With Parallel Currencies, each book in a subsidiary has its own base currency. This feature allows subsidiaries in different countries to manage foreign business transactions in multiple currencies.
Fixed assets are recorded using the historical foreign currency rate. The initial conversion from the transaction currency to the base currency uses different base currencies and exchange rates. When you acquire an asset, its value in the subsidiary is recorded using the daily spot rate on the acquisition date. Then, throughout the asset's life, all depreciation calculations are based on the base currency amount.
For example, your base currency is USD, you acquire an asset for GBP 100 with a daily rate of 1.5USD per GBP. With Parallel Currencies, the asset value is recorded as USD 150. If the subsidiary has a secondary book with a different base currency, the original asset value is also converted to the secondary book’s base currency.
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Record Assets in Multiple Books
Multi-Book Accounting lets you assign an asset to multiple depreciation books that generate journal entries for different general ledger books, or to the same set of books. Each book can have unlimited depreciation methods per asset record.
Read the following topics for more information about Multi-Book Accounting for Fixed Assets Management: