Manage and track international transactions by setting up and utilizing multiple currencies for productions working abroad.
GreenSlate can accommodate any number of foreign currencies. The Project Setup team enables multiple currencies and conversion rates at the beginning of the project. They can also set up different rates with an effective date range —email projectsetupteam@greenslate.com for currency and rate requests.
Multi-Currency Budgets
It is possible to have multiple budgets each in different currencies as needed. However, each budget must be in a single currency as the system can't support mixed currency budgets.
For multiple budgets in a project, Episode or Location codes will need to be enabled for budgeting. While each budget can only have a single currency, the costs can be entered in multiple currencies and be associated to any budget. For example, a bill in USD can be accounted for on an EUR budget.
Note: Email projectsetupteam@greenslate.com with requests to enable episode or location codes for budgeting. The Project Setup team can upload a foreign currency budget to the code that you request.
Setting Up Bank Accounts for Foreign Currencies
A bank account will need to be set up for each currency type that you have bank accounts for. Each currency you want to associate a bank account to, must have a checking type of chart of account for each currency.
Tip: You can link sub accounts with any currency and company codes to foreign bank accounts or any account you want to record draw down on, such as a Studio Paid account.
Accounts Payable using Foreign Currencies
Foreign currencies can be selected on all accounts payable, crew expenditure, and accounting modules. To book the cost to a specific currency's budget also select the location/episode code for that budget.
Tip: Set up defaults and limit codes for specific currencies in the Manage Code Type module to ensure accurate data entry. Currency can be set for all code types except Tax Credit and WS (State/Province). Learn more about managing codes here.
Paying Foreign Currency Bills
The bills available for a certain currency will be tied to the currency type set up on the bank account and the currency selected on the bill.
Foreign checks can only be generated in CAD for the Royal Bank of Canada. All other currencies can use ACH payment file, manual or wire transfer payment types.
Using the General Ledger and Cost Report for Multi-Currency
To view the currency, currency rate, native amount, and base amount on the General Ledger's grid add those columns by clicking the gear icon and checking the boxes. You can also rearrange the columns and save a custom grid view. To learn more about custom grid views click here.
When using the Cost Report module select ALL for the currency to see the costs in the base currency. Selecting a foreign currency will only display costs booked to that currency type.
Generating Reports for Multi-Currency
When running accounting reports you have the option to convert the currency to another by using the Currencies filter and select the conversion rate by the effect date or the report end date.
