on Nov 8, 2017
Multinational organizations operate in several countries and require the ability to collect financial and risk based monetary values in various currencies. In addition, there is a need to report on historic or the current currency rate depending on the business process.
The Bowmen Group provides a multicurrency tool & utility that enables multinational organizations to manage multiple monetary currency rates. Archer Administrators can apply a historic currency rate to a monetary field capturing the occurrence date and the currency rate that applied to the currency during that timeframe. Or, Administrators can leverage the current currency rate automatically updating the monetary value in-line with the updated rate or freezing the rate upon entry (or at a specific point in a workflow) so that the value no longer reflects future changes to the rate. Through this multicurrency implementation, organizations can more effectively manage currency conversions for monetary values within RSA Archer.
Key Features
The Bowmen Group Multicurrency tool & utility enables organizations to:
- Store a single ‘base’ currency to allow for central reporting versus local reporting of financial reporting;
- Allows for a large number of ‘local’ currencies to be held, along with their exchange rates;
- Holds a date the exchange rate applies allowing for ‘historic’ rates to be stored and used for items (such as Loss Events) that are entered into the system a period of time after they occurred;
- Apply base and local currencies to any monetary field within the RSA Archer implementation; and
- Conduct financial reporting based on the currency type (base or local) needed for the specific business process.
Supported Platform Version
The Bowmen Group Multicurrency tool & utility was developed for and validated on RSA Archer Platform release 6.3.
RSA Archer On-Demand Application (ODA) Licenses
One (1) RSA Archer On-Demand Application (ODA) license is required for the Bowmen Group Multicurrency tool & utility. Additional licensing fees will also apply. To learn more, please contact sales@bowmengroup.com or +44 (0)7778582070.
For More Information
To learn more about the Bowmen Group Multicurrency tool & utility:
- Review the Overview Guide; and
- Learn more about the Implementation.
For Additional Support
To learn more about the Bowmen Group Multicurrency offering, please contact sales@bowmengroup.com or +44 (0)7778582070. For technical support questions, please contact mrobinson@bowmengroup.com or call +44 (0)7778582070 for more information.
Currency Metadata
Local Currency Report
Base Currency Report