Articles on: Multi-Currency

Multi-Currency Feature Overview


For orders transacted in foreign currency, RevRec will translate the revenue recognition related metrics (i.e. deferred revenue, revenue etc) to the home currency amount based on foreign exchange rate as of the transaction date (contract date or invoice date). All reports and accounting journal entries related to revenue, e.g. unearned revenue roll-forward, journal entry report, will be reported in the home currency. Users can still track the orders, invoices in the transaction currency, to reconcile to the original source records.

We handle the accounting for the foreign currency change impact as it relates to revenue recognition only.

For example, for transactions where an entity receives advance payment for a subscription, which results in a non-monetary liability - i.e. deferred revenue. Non revenue-related foreign currency impacts are not part of this feature - For example, foreign currency gain or loss related to the exchange rate differences between invoice date and payment date; or the month end re-measurement of monetary asset and monetary liability. We expect these to be handled directly within your accounting system.

The foreign exchange rate data source supported today is Fixer, a widely used foreign exchange data source. Additional sources will be added in future releases .


The following features are currently not supported;

Commissions paid in multi-currency.
User defined foreign exchange rates.
Non revenue-related foreign exchange accounting - foreign exchange gain.loss related to payment, day 2 re-measurement of monetary asset and monetary liability, foreign currency translation for consolidation purpose.

Updated on: 23/01/2022

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