Multi-Book Accounting for Fixed Assets Management
The Multi-Book Accounting add-on to Fixed Assets Management lets you assign assets to multiple books. The asset values will automatically be 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 will have its own specific base currency. Parallel currencies can be used for subsidiaries in different countries to update the foreign business transactions in different currencies.
Fixed assets are recorded using the historical foreign currency rate. The initial conversion from the transaction currency to the base currency will be done with different base currencies and exchange rates. When an asset is acquired, its value in the subsidiary is recorded with the daily spot rate on the acquisition date. Then, through the life cycle of this asset, all depreciation calculations will be based on the base currency amount.
For example, your base currency is USD, you acquired an asset for GBP 100, and the daily rate on the acquisition date is 1.5USD or GBP. With Parallel Currencies, the asset value will be recorded as USD 150. If the subsidiary has a secondary book that uses a different base currency, the original value from the asset acquisition will be converted to the secondary book’s base currency as well.
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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 set of books or to the same set of books. Each book can have an unlimited number of depreciation methods per asset record.
Read the following topics for more information about Multi-Book Accounting for Fixed Assets Management: