Accounting Software - Multi Currency

mullers

Would someone be able to recommed a good accounting software package for a small company that does multi currency.I know the latest version of Quickbooks is not multi-currency so it would have to be the 2006 version, but what other options are there ??? Price is going to be the key........

Mr Clonfadda

Sage 50 Accounts Professional has Foreign Currency

HeinekenTicket

Quickbooks 2010 will have multi-currency

DoMyBooks

For something totally different have a look at xero online accounts . Xero is linked to xe.com so the FX rates come in realtime.
You also get the bonus of being able to log in anywhere, including from an iPhone or blackberry. Automatic back ups and minimal hardware costs.

I can put you in touch with Irish companies using xero if your interested.

Disclaimer as you can see from my signature I resell xero.

Phil M

mullers wrote: »

Would someone be able to recommed a good accounting software package for a small company that does multi currency.I know the latest version of Quickbooks is not multi-currency so it would have to be the 2006 version, but what other options are there ??? Price is going to be the key........

I know TioLive which does multi-currency accounting. It is used in several countries : in Japan, USA, Brazil, Canada, etc. It can suit each type of accounting. And above all, this is a free solution.

PegasusExpert

The Small Business Edition of award winning Pegasus Opera II offers full multi-currency and enterprise level functionality at entry level prices - it is priced low in order to complete in the start-up end of the market. Highly recommended and offering a clear growth path if needs expand.

Support Forums @ http://www.onesys.ie/pegasusopera

davcs

A lot of software in the mid range covers multicurrency in there core modules and have some nice features. I know that Sage Line 50 handles it fairly well. My advice would always look at the restrictions of software as to the features they have. Your question is very precise in that the software has to handle multi-currency.
If you are not interested in large volumes of transactions then sage line 50 would be ideal, if there is a large volume. Then think again. As there is a limit to what sage will support on that database.

Pegasus Opera, well I'm an avid supporter of this product and it is priced very competitively when you are going multi user or multi company. Add on features are set at a reasonable price and there is a lot of them. I.e Document Management ,CRM, Service Management etc.

So dependant on your business you should be able to look at buying a software that is future proofed and can be handled / supported in Ireland.

I know that you can download and buy software from outside Ireland, the question I would ask, Would you trust a piece of software like that to manage your business.

Seamus

Mr Clonfadda

davcs wrote: »

A lot of software in the mid range covers multicurrency in there core modules and have some nice features. I know that Sage Line 50 handles it fairly well. My advice would always look at the restrictions of software as to the features they have. Your question is very precise in that the software has to handle multi-currency.
If you are not interested in large volumes of transactions then sage line 50 would be ideal, if there is a large volume. Then think again. As there is a limit to what sage will support on that database.

Hi seamus

I have had customers with over 600,000 transactions on Sage 50 without any issues. same as i've had customers hit file size limits in Pegasus Opera.

Regards

Nigel

davcs

Hiya Nigel,

I myself have seen problems with poor perfomance on Sage with large volumes of transactions. Not saying sage won't handle them.

http://www.concentrix.co.uk/software/accounts-erp/knowledge-base/comparing-sage-50-and-sage-200/

Mr Clonfadda

davcs wrote: »

Hiya Nigel,

I myself have seen problems with poor perfomance on Sage with large volumes of transactions. Not saying sage won't handle them.

http://www.concentrix.co.uk/software/accounts-erp/knowledge-base/comparing-sage-50-and-sage-200/

Hi Seamus

They are specifically trying to sell people an upgrade to Sage 200.

I think the rest of your previous post was valuable that people should concentrate on what may be missing for them and not just one or two specific things.

I am also sure you would attest to the fact that the backup and support you receive from your software partner is ultimately what makes the software work at it best, and that it is especially important sourcing quality resellers who will install the product properly.

Regards

davcs

Nigel,

You are so right, what makes a major difference on any system you buy is the support of it.
As there is so many different configurations you can employ on installing a system that make life so much easier.

Its always worthwhile to contact the experts who have the experience and can save you time and money in the long term.

Seamus

Herbalist

Sage 50, can, in some cases can start to slow down with high transaction volumes. If these high transaction volumes are the results of several years of data, then archiving some of the historic data will often speed up the system. If there are large volumes of transactions in a single year archiving is not an option as the data is current and needs to be kept on the system in the current year.

With foreign currency OP the important thing is to look at what requirements you have and what exactly you need to be able to do. Foreign currency, like stock control, can often mean different things to different people. What one person will view as 'full' foreign currency may not be sufficient for another.

For your company, with regard to foreign currency, I would ask yourself:

- do you need to create foreign currency bank accounts?
- Do you need to invoice a customer in one currency and accept payment in another? or is it as case that customers will always be invoiced and pay you in the same currency?
- Do you need to be able to pay one currency into a bank account with a different base currency?
- Do you need to recieve invoices from suppliers in one currency and pay them in another or will they expect to be paid in the same currency that they invoiced you in?
- Do you need to track rate changes by date?
- Do you need foreign currency price lists for your products and customers?
- Do you need to track currency loss and gain when dealing with customers and suppliers?

Once you know the answers to these questions within your own business, you can evaluate how different packages might meet your needs.

With regard to Sage 50 Accounts Professional, the Foreign Trader module will:
- allow you to create a foreign currency bank account
- Will allow you to assign a currency to a customer or supplier upon account creation
- Create foreign currency price lists for these customers add add your products to them
- Track exchange rates for a list of currencies within the software and decide to allow the rate to be changed automatically when a new one is entered upon a transaction, or to manually change the rate.
- It will allow you to view a customer or supplier account in either their assigned base currency or in euro. The euro view shows you the currency loss or gain which is calculated by the system for you automatically when the rate of exchange has changed between teh time of invoicing and the time or payment.

It is limited however for example if a customer is set up in sterling they can only be invoiced in sterling and a payment recieved by them on the system must be in sterling and go into a sterling bank account. Sage 200 does offer much larger capabilities and is closer to 'full' foreign currency.

mullers

Thanks to everyone for their posts and information. I have just been informed that the newest release of Quickbooks is due for release in Ireland sometime over the next couple of months and it is multi-currency so I am going to wait for that and see what it looks like

barbiegirl

Multi-currency as a requirement alone give syou many options. I would also look at number of transactions, stock control if it's an issue, do you need a CRM link for a sales tem, in other words where will the business be in 3-5 years time and but soemthing that will grow to what you need. Also number of users and reporting.
Pegasus Opera II I find to be a lot more capable of growth that Sage Line 50.