Demo video: Currency Conversion Difference Move for Payment Transaction
Streamline your online payment workflows with the Currency Conversion Difference Move for Payments module. This module automates the management of currency discrepancies between payment transactions and corresponding payments, ensuring accurate and compliant accounting.
When customers make payments online or through a payment link, the system creates a payment transaction based on the payment provider selected by the customer. Upon successful payment, the system generates a payment record. However, scenarios may arise where the currency of the payment transaction differs from the payment's currency or even from the company's currency.
This module provides robust management of supported currencies and currency mappings for payment providers, ensuring seamless payment processing and accurate financial adjustments. Key features include the ability to define supported currencies, configure default conversion currencies, and validate currency mappings automatically.
Key Features
- Flexible Currency Mapping: Manage supported currencies for payment providers and specify default converted currencies for unsupported cases.
- Automatic Journal Entries for Currency Discrepancies: Automatically create journal entries to record currency conversion differences between payment transactions and payments. This ensures accurate financial adjustments for multi-currency setups.
Business Value
- Ensure accuracy in multi-currency transactions, reducing manual adjustments.
- Automate workflows to save time and minimize errors in financial reporting.
- Improve compliance with accounting standards for currency management.
- Provide clear and detailed reports on payment transaction discrepancies for better decision-making.
Who Should Use This Module?
This module is perfect for businesses using online payment methods, e-commerce platforms, or any organization handling cross-border payments. If your operations involve multiple currencies and payment providers, this module ensures accurate financial management and streamlined payment processes.
Editions Supported
- Community Edition
- Enterprise Edition
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