Does my Accounting System and CieTrade Home Currency Have to Match?

If you would like to integrate with your accounting system you cannot leave cieTrade in USD when you are running your own financials in another currency.  Upon creating your database cieTrade will set up the appropriate currency code to match your accounting home currency, or leave it in USD which is the default.  This is essential for establishing an integration between the two systems because when the home currency in cieTrade does not match your books and records in your accounting system, then the value of the journal entries for cash transactions and AP Bills/Vouchers will not be expressed in the correct natural currency value and you will end up having financial records with incorrect values. 
There are a number of other reasons cieTrade requires that the currencies are the same:
  1. Consistency in financial reporting
  2. Avoiding exchange rate errors
  3. Easier reconciliation at month end
  4. Improved data integration
  5. Regulatory and tax compliance
  6. Better business insights overall

In general, matching the home currencies will reduce complexity, ensure consistency, and improve compliance. 

For more information please reach out to support@cietrade.net.

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