Ekino Vietnam has announced the release of Version 2.2.4 of its Vietnam Legislation Pack for Sage X3, a significant update designed to enhance accounting reporting accuracy and efficiency for businesses operating in Vietnam. This update addresses a critical issue: the previous version’s handling of multi-currency ledgers under the VNM ledger.

The Problem: Duplicated Figures and Inaccurate Reporting

Prior to Version 2.2.4, the report generated by the pack applied to all ledgers with multiple currencies under the VNM ledger. This resulted in duplicated figures, each representing the same transaction in different currencies. This created confusion and potential inaccuracies in accounting reporting, particularly for businesses dealing with both Vietnamese Dong (VND) and foreign currencies.

The Solution: Precision with Legal Ledger Focus

Version 2.2.4 tackles this issue by refining the report’s data extraction process. Now, the report exclusively extracts data from the “Legal” ledger, specifically within the VNM ledger, and only in the VND legal currency. This ensures that the accounting report reflect only the transactions relevant to Vietnamese legal and accounting standards, thereby producing a report that is both accurate and compliant, eliminating duplicates and providing a clear, accurate financial picture.

Why It’s Important: Enhanced Accuracy and Compliance

This update is crucial for several reasons:

• Accurate accounting reporting: eliminating duplicated figures ensures that accounting reports accurately reflect the company’s financial position.
• Compliance with Vietnamese Regulations: By focusing on the Legal ledger and VND currency, the report aligns with Vietnamese accounting standards and regulatory requirements.
• Improved Decision-Making: Accurate accounting data enables businesses to make informed decisions based on reliable information.
• Reduced Audit Risks: Accurate and compliant reports minimize the risk of discrepancies and potential issues during audits.

What is the VNM Ledger and Multi-Currency?

• The VNM Ledger in Sage X3 is a specific ledger designed to manage financial transactions according to Vietnamese accounting standards. It is often used by businesses operating in Vietnam to comply with local regulations.
• Multi-currency functionality in Sage X3 goes beyond simply managing accounts receivable and payable. It’s a critical tool for global organizations with complex financial structures. It allows businesses to:
  • Consolidate financial data from various subsidiaries operating in different countries and currencies. This is essential for accurate group-level reporting and analysis.
  • Implement global group rules for financial reporting. For example, it enables the application of consistent exchange rate policies, currency translation methods, and intercompany transaction management across the entire organization.
  • Manage intercompany transactions and eliminations. Multi-currency capabilities facilitate the tracking and reconciliation of transactions between subsidiaries in different currencies, ensuring accurate consolidation.
  • Perform financial planning and analysis in multiple currencies. Businesses can analyze performance, forecast future results, and make strategic decisions based on a comprehensive view of their global operations.
  • Adapt to fluctuating exchange rates. The system can automatically adjust accounting data based on real-time exchange rate updates, providing up-to-date and accurate information.

Essentially, multi-currency functionality is a fundamental aspect of Sage X3 that enables global businesses to maintain financial control, ensure compliance, and make informed decisions in a complex, international environment. While managing accounts receivable and payable is a key application, it’s just one piece of a much larger picture.

Benefits of Upgrading to Vietnam Legislation 2.2.4

• Elimination of Duplicated Data: The primary benefit is the elimination of duplicated figures, leading to more accurate accounting reports.
• Improved Reporting Efficiency: By focusing on the Legal ledger and VND, the report generates faster and more precise results.
• Enhanced Compliance: The update ensures compliance with Vietnamese accounting standards.
• Simplified Financial Management: Clear and accurate financial data simplifies financial management and decision-making.
• Reduced Risk of Errors: The refined data extraction process minimizes the risk of errors and discrepancies.

How to Export Reports with Multi-Currency in Sage X3 (General Context)

While Version 2.2.4 focuses on extracting reports from the Legal ledger in VND, Sage X3 inherently supports multi-currency reporting. This is essential for businesses dealing with multi-ledgers.

Here’s a conceptual breakdown, using an example of an Accounting Detail Book:

1. Access the report module: From the Sage X3 home screen, navigate to the “Reports” module.

2. Select report: In the “Reports code” section, enter the report code for the Accounting Detail Book. (e.g., “YACCDETAIL” or a similar custom report code).

3. Enter parameters: such as Company, Ledger (should be Legal Ledger) than press “PRINT” to generate report

4. View and export report: Once the report is generated, review the data, Sage X3 typically allows you to export the report in various formats, such as Excel (XLSX) or PDF.

A sample of Acouting detail book with multi currency

Verification:

To verify the accuracy of the report, compare the account balances shown in the Accounting Detail Book with the balances displayed in the “Account Balance Inquiry” module. This ensures consistency and accuracy.

By following these steps and considering the multi-currency aspects, you can successfully export and analyze Accounting Detail Books in Sage X3.

Conclusion

Ekino Vietnam’s release of Version 2.2.4 of the Vietnam Legislation Pack for Sage X3 represents a significant step forward in enhancing accounting reporting accuracy and efficiency for businesses operating in Vietnam. By addressing the issue of duplicated figures and focusing on the Legal ledger and VND currency, this update provides businesses with reliable financial data, improved compliance, and simplified financial management.

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For more information about Sage X3 and the latest updated Vietnam Legislation pack, contact Ekino Vietnam today.