Can we re-use existing accounting software ?
Calculate and display all information to two d.p.
Symbols (£) or ISO codes (IEP) not hard coded
No complex stock, sales, customer, historical records
Can manually convert balances and other information
Understand unavoidable rounding differences
Can show audit trails and prove correct conversion
Make clear the currency of reports and documents
Re-using existing accounting software should not be regarded as a costless or cheap solution.
What about dual-currency accounting and multi-currency software?
By their very nature dual currency and multi-currency systems are far more complex than single currency systems. Managers of companies using dual currency or multi-currency systems should seek specialist advice about the conversion of those systems to incorporate the euro from the software supplier unless the dual currency system has already been specifically developed for national currency and euro currency use.Companies should not try to convert such systems manually. Most software developers of multi-currency systems will offer a euro upgrade i.e. including appropriate conversion routines. Where though such an upgrade is not available companies will have no alternative but to replace the system with new software or to seek technical advice. Users of multi-currency systems should also bear in mind that some multi-currency systems use the currency to identify the country in which the business has been transacted. This could be important for VAT and customs duty purposes.