Business Navigator ready for the euro currency

October 16, 2024

The integrated business management system Business Navigator - ERP&CRM is ready to implement the lev-euro transition, to work during the transition period and after it.

We publish the answers to the numerous inquiries from our clients on the topic.

1. Question: Within what timeframe can separate registers be created to store the accounting information in the system / including assets, liabilities, capital, etc. / before the conversion of lev positions into euros and in what currency will the data be stored?

The integrated business management system Business Navigator - ERP&CRM is ready for the euro currency. There is no need to create separate registers and perform operations to store information in the system before and after the currency conversion, since depending on the accounting period BUSINESS NAVIGATOR displays the values ​​in the respective currency. Even with the denomination of the leva, this issue was resolved on the principle of switching from one type of currency to another, by setting only the ratio of the old currency to the new one. All values ​​are automatically recalculated by BUSINESS NAVIGATOR.

BUSINESS NAVIGATOR allows setting the type of national currency as a list. The table contains data in the columns "From date", "Nominal factor", "Abbreviation", "Name". The "From date" field is intended for setting the date of switching from one currency to another. Based on the values ​​in the following fields for the respective period, a nominal coefficient for the currency is calculated and recorded in the data for the period. During accounting, BUSINESS NAVIGATOR automatically takes into account these values ​​and automatically converts the amounts from one currency to another.

The nominal factor is automatically calculated by BUSINESS NAVIGATOR depending on the entered currency ratio for the period. When setting the type of national currency, the data is stored by periods, which allows for reversibility when entering data for the past time and generating reports.

2. Question: Does the system have the ability to automatically convert lev values ​​into euros?

When switching from one type of currency to another, only the ratio of the old currency to the new one is set in the basic data. All values ​​are automatically recalculated by BUSINESS NAVIGATOR depending on the period to which they refer.

With the introduction of an alternative currency alongside the national currency, Business Navigator is fully prepared for the transition to the euro. You can define an alternative currency in addition to the national one, as well as a conversion coefficient from the national currency to the alternative currency.

The euro currency to which the lev has a fixed ratio can be specified as an alternative currency. The reporting forms will be displayed both in the national currency and in the alternative currency, converted according to the coefficient of the euro currency set by the user.

Adding an alternative currency does not affect the data itself, but only the reports displayed. Each report has a box "In alternative currency", which allows you to switch the report from national to alternative currency and vice versa. The name of the currency used is written in the title of the report.

After the adoption of the single euro currency, the member states of the European Union are obliged to make payments and keep accounting reports in euros. BUSINESS NAVIGATOR takes this need into account and offers the corresponding options.

The concept of "Cross-accounting" reflects the ability of BUSINESS NAVIGATOR to process data simultaneously according to the Bulgarian and one or more foreign standards. The information is entered once according to the Bulgarian standard, and the program automatically accounts for both. The reports output by BUSINESS NAVIGATOR differ according to the different standards, as the information in them is generated from the connections between the Bulgarian and foreign accounts. Multinational companies can use the reports not only according to different standards, but also in the currency of their own country.

When solving this problem in the integrated business management system BUSINESS NAVIGATOR, it is possible to recalculate the turnover on foreign accounts. When accounting entries are made in Bulgarian lev, the amounts can be automatically recalculated into multiple foreign currencies, including the euro. Account balances from the foreign standard are automatically converted into one or more different currencies.

3. Question: Within what timeframe will tests for the conversion of basic accounting transactions be able to be performed?

You can start testing immediately, with sample data, and prepare in advance for the euro currency transition procedure.

4. Question: What part of the financial costs would be covered by our subscription and what part would it cost to modify the system so that we comply with legal requirements?

During the active subscription period, paid for one year, you receive all Business Navigator updates free of charge. After the subscription expires, support and updates are subject to payment according to the current price list effective at the time of renewal.