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how to setup a company to be fit for dealing with various currencies?

on 5/8/13, 9:22 PM 629 views

I need to setup a company that will use various currencies. Purchases mainly are done in CNY, invoices from customers paid in CNY, USD, EUR.

I am starting to work right now with HR management forst and I wonder how to set this up right from the start in order to avoiding any problems later on. I will not even use neither accounting, purchasing nor invoicing from the start but would like to have things put right now, so I don't get in trouble when we want to use these functianallities later on. The only financial aspects that will be played on from the beginning are salaries, insurances for employees, bonusses (which will be in the main company currency CNY).

Later down the road a second company will be added to this setup which main currency will be USD.

My goal is not to make any stupid initial error that might cause big headackes in the future. I would think I set the company currency to CNY but maybe there are other issues I should be aware of. ...so, any (basic) tips are welcomed.

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Asked: 5/8/13, 9:22 PM
Seen: 629 times
Last updated: 3/16/15, 8:10 AM