The introduction of the Euro adds a level of complexity to multi currency accounting. Fortunately, Herbst Insight provides a complete solution to the euro challenge. It supports multi currencies including the Euro.

As you are no doubt aware since from January 1st 1999 Euro participating countries have had their local currency exchange rates fixed against the Euro and invariably ceased to have had an exchange rate published for other currencies outside of the Euro including the United Kingdom. To overcome this lack of conventional exchange rates the Euro is used as an intermediary. This is known as Triangulation. In Currency rate set in Insight you can set the triangulation currency. All these exchange rates can be entered in Insight and flagged as fixed or floating as appropriate. All currencies will have an exchange rate declared against the Euro whether it is a fixed rate as in the temporary fixed rate for FRF, IEP, DEM who are going into the scheme or a floating rate as GBP or US$.

Herbst Insight - Euro Compliant

Change base currencies of the accounts Some of your suppliers and/or customers may already insist that their accounts are presented in euro. In Herbst Insight this is not a problem, in fact it is a standard feature to be able to print account statements etc. in local currency or Euro or both. The base currency and the base currency of the nominal ledger amongst other things of any account can be easily changed and the balance will be consolidated in this currency. For any customer, supplier or bank you can issue any transaction in any currency.

Herbst Insight will keep separate balances for each currency plus consolidated balance in the base currency. This system gives you extremely high flexibility and control over multi-currency accounts and is ready for the complete transfer over to the Euro on January 1st 2002. Herbst Insight keeps track of the currency exchange rate change history so you can view and change the rate for any date and revalue the Nominal Ledger accounts where required using the currency revaluation procedure. If you post sale invoice for the last year Herbst Insight will suggest you use the currency rates from that period.

Change base currency of the system For those on Herbst Insight prior to January 1, 2002 you may move your company to the euro whenever you like. All you need to do is convert the base currency (typically IRJ currently) to the euro. The base currency is the currency of the cost (stock) prices and the base currency used in the Nominal Ledger.