Seasoft News

Seasoft Announces Integrated Support for Multi-Currency Processing

April 4, 2011 ― Seasoft Software today announced that it has added a new multi-currency module to its Enterprise Resource planning (ERP) software for seafood manufacturers and distributors. The new module provides a currency conversion feature that will enable our customers to record sales (or purchases) in a foreign currency on the day that the transaction posts and then update their business’ general ledger (GL) in US dollars on the day that the funds are collected.

Frank Motta, Managing Director for Seasoft said, “If you purchase product from international suppliers, Seasoft lets you buy the product in the supplier’s native currency and then, when it’s received, processed and ready for sale, lets your customers pay for it in their existing money standard. If the customer’s in Europe, they’ll pay in euros, if they’re in Japan, they’ll buy in yens. This convenient feature helps you improve your business relationships, simplify multi-currency issues and work with exchange rates to maximize profits.”

When product is purchased, the local currency and the conversion rate, tracked daily by the software, are posted to Seasoft’s Accounts Payable file. When the product is sold, the conversion is automatically applied to the Accounts Receivable record which also ties back to the GL. Gains and losses due to currency conversion are annotated in an accrual account. In this way, our customers can improve the level of service they provide their customers and maximize margins by basing their buy and sell decisions on the current currency exchange rate.

About Seasoft Software

Seasoft Software is a fully integrated, turnkey business management solution that helps seafood processors and distributors enhance operational efficiency, reduce costs and maximize their bottom line. Whether it’s improving inventory control, increasing production yields, pinpointing costs or responding quickly to a food safety issue, Seasoft’s integrated, easy-to-use software tools will help you meet the challenges of weight-based, commodity-priced products where yields, lot and portion control, by-product accounting, settlement processing and multiple freezer and warehouse locations are of paramount importance.

<< Go Back