on 2017-11-0801:47 PM - edited on 2022-10-2702:10 PM by GloriaHigley
Multinational organizations operate in several countries and require the ability to collect financial and risk based monetary values in various currencies. In addition, there is a need to report on historic or the current currency rate depending on the business process.
The Bowmen Group provides a multicurrency tool & utility that enables multinational organizations to manage multiple monetary currency rates. Archer Administrators can apply a historic currency rate to a monetary field capturing the occurrence date and the currency rate that applied to the currency during that timeframe. Or, Administrators can leverage the current currency rate automatically updating the monetary value in-line with the updated rate or freezing the rate upon entry (or at a specific point in a workflow) so that the value no longer reflects future changes to the rate. Through this multicurrency implementation, organizations can more effectively manage currency conversions for monetary values within Archer.
The Bowmen Group Multicurrency Tool & Utility enables organizations to:
Store a single ‘base’ currency to allow for central reporting versus local reporting of financial reporting;
Allows for a large number of ‘local’ currencies to be held, along with their exchange rates;
Holds a date the exchange rate applies allowing for ‘historic’ rates to be stored and used for items (such as Loss Events) that are entered into the system a period of time after they occurred;
Apply base and local currencies to any monetary field within the Archer implementation; and
Conduct financial reporting based on the currency type (base or local) needed for the specific business process.
Solution and Platform Information
Solution Area: All
Prerequisite Use Cases: This offering does not require any prerequisites.
One (1) Archer On-Demand Application (ODA) license is required for the Bowmen Group Multicurrency Tool & Utility. Additional licensing fees will also apply. To learn more, please contact email@example.com or +44 (0)7778582070.
For More Information
To learn more about the Bowmen Group Multicurrency Tool & Utility:
The Bowmen Group Multicurrency Tool & Utility is an offering provided through the Archer Exchange to enhance your existing Archer implementation. To learn more about the Archer Exchange, please visit the Archer Exchange on the Archer Community.
For Additional Support
To learn more about the Bowmen Group Multicurrency offering, please contact firstname.lastname@example.org or +44 (0)7778582070. For technical support questions, please contact email@example.com or call +44 (0)7778582070 for more information.