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What does Multicurrency mean?
Multicurrency means dealing with more than one currency. An individual or any business or a country deals with more than one currency, then this is called the system of multi currency.
Who can use multi currency?
Multicurrency can be used by-
- An individual-
- A business-
- A country –
For some specific uses when he needs to visit the various countries or fulfill the needs.
A business needs multicurrency to get a perfect development in some other countries.
This is completely based to enhance the inflation rate and to improve the economic growth of the country. This is beneficial for a country.
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What are the various multi currency features and functionality?
Features and functionalities are as follows-
- Exchange rate.
- Exchange rate methods.
- Transaction entry.
- Alternate currency processing.
- Gains and loses.
- Currency revaluation.
- Currency restatement.
- Consolidated reporting.
- Highly inflationary Economies.
- Account balance by currency.
- Bank statement processing.
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What are the basic currencies used in Multicurrency transaction?
- Australian Dollars (AUD).
- Czech Koruna (CZK).
- Canadian Dollars (CAD).
- South African Rand (ZAR).
- Euro (EUR).
- Hong Kong Dollars (HKD.
- Great British Pound (GBP).
- Danish Krone (DKK).
- Israeli Shekels (ILS).
- Swiss Francs (CHF).
- United Arab Emirates Dirham (AED).
- Japanese Yen (JPY).
- New Zealand Dollar (NZD).
- Hungarian Forint (HUF).
- Norwegian Krona (NOK).
- Polish Zloty (PLN).
- Russian Rubles (RUB).
- Romanian Lei (RON).
- Turkish Lira (TRY).
- Swedish Krona (SEK).
- US Dollar (USD).
These above are the basic currencies that can be used throughout the world.
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