Site icon Muli – Construction Accounting and Project Management Software

Banking Foreign Currency

Muli Provides for 25 user defined bank accounts per database. Bank ‘Z’ is reserved for system journals. While every company must have a bank account in its ‘Base Reporting Currency’, bank accounts may be shared across legal entities, reducing government and banking charges while providing processing efficiency. A single entity may have a number of bank accounts each in a different currency.

All transactions are converted to reporting currency at the processing for reporting purposes, and at Trial balance and P&L, adjustment is made if required to reflect period end exchange Rate.

Muli produce a ABA format Data File for electronically processing all payments. We are maintaining the proposed “New Payment Format” emerging for discussion between the reserve bank, treasury and the banks.

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