If you never trade with partners outside the United States, it is likely they will never need any multi-currency capabilities in your manufacturing software (or your accounting software for that matter).
However, in this ever-widening global economy, more and more domestic manufacturing firms are purchasing raw materials from partners who do not trade in US Dollars. If you are among these, you will need some ability to create and print purchase orders in the native currency of the raw material supplier (called the “source currency”) and convert the applicable amounts to the native currency of the accounting system (called the “functional currency”).
If you are looking for a multi-currency capable manufacturing system, ask the software supplier how the currency exchange rates are maintained. Calling the bank on a daily basis to check on the exchange between East Borindian Rallods and US Dollars is neither efficient nor a good way to make friends with your local bank CSR. Today, exchange rate information between every publicly traded currency is published online. Make sure your software can easily store this information.
If you live or work in a jurisdiction where taxes are assessed on purchases (such as in Canada or the United Kingdom) your manufacturing software must have the ability to calculate the applicable VAT, GST, HST, or PST due on any purchase order.
Governmental taxing authorities have complex rules for accurately calculating and reporting the taxes due on purchases (often involving taxes on taxes) so you will need to know whether the multiple tax capabilities of the software you are evaluating are sufficient to meet the needs of your client and the regulatory authorities.
The Sage ERP Accpac accounting system has strong multi-currency and multi-tax capabilities. You can learn how it integrates with MISys Manufacturing by going to www.misysinc.com/accpac/.
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