6 posts tagged with "Multi-currency"

We're excited to announce a significant improvement to our internal transfer matching feature in Fiskl. This update addresses the evolving needs of our users, especially in light of the increasing popularity of neo-banks and multi-currency accounts.

What's New: Refined Internal Transfer Matching​

Internal transfers are critical for maintaining accurate financial records, particularly with the rise of neo-banks like Revolut, WIO, Wise, and others that offer virtual currency accounts. These services have made moving money between currencies more common than ever before.

The Challenge​

While Fiskl has always provided a robust matching solution for transactions, including those in different currencies, we faced a dilemma:

• A wide tolerance was necessary to catch matches across different currencies.
• This wide tolerance sometimes produced too many potential matches for some users.
• For others, the tolerance wasn't wide enough, especially when banks charged fixed fees, percentages, and used poor exchange rates for cross-currency transfers.

Our Solution​

We've tackled this challenge head-on with a two-pronged approach:

We're thrilled to share our latest updates that further cement Fiskl's position as one of the best multi-currency accounting platforms for individuals and small businesses. This September brings exciting new features that will enhance your financial management experience.

What's New in September 2024​

We've been hard at work improving Fiskl, and we're excited to introduce three major updates:

1. Fi - Your AI Advisor: Meet Fi, our new generative AI designed to help you navigate Fiskl and understand accounting concepts with ease.

2. General Ledger Report: Our new General Ledger report provides a comprehensive view of all your financial transactions, perfect for detailed analysis and auditing.

3. Transactions by Account Report: The Transactions by Account report offers an in-depth look at your financial activities across different accounts, ideal for multi-currency businesses.

Video Walkthrough​

To give you a closer look at these exciting new features, we've prepared a short video demonstration. Watch as we walk you through Fi, our AI advisor, and showcase the powerful new accounting reports:

Why These Updates Matter​

• Fi AI Advisor: Fi brings the power of AI to your fingertips, helping you navigate Fiskl, understand accounting concepts, and make informed decisions about your finances. It's like having an accounting expert available 24/7.

We're excited to introduce the latest addition to Fiskl's powerful reporting suite: the General Ledger report! This feature takes financial analysis to the next level, offering unprecedented flexibility and detail, especially for businesses managing multiple currencies.

What's New: General Ledger Report​

The General Ledger report provides a comprehensive view of your financial activities with advanced grouping options and multi-currency support. Here's what makes it special:

🌍 Comprehensive Multi-Currency Support​

• Triple Currency View: See transaction amounts in original currency, account currency, and your base accounting currency - all in one place!
• Detailed Breakdown: View gross, net, and tax amounts for each transaction across all currencies.
• Exchange Rate Tracking: FX rates are included for easy currency conversion monitoring.

🔍 Flexible Grouping Options​

Group your transactions by:

• Ledger Account
• Transaction Type
• Date
• Year
• Quarter
• Month

This flexibility allows for deeper insights and easier analysis of your financial data.

The Multi-Currency Reconciliation Challenge​

As a business owner dealing with multiple currencies, you know the headache of reconciling Stripe payouts. With payments, subscriptions, refunds, and fees in various currencies, it's a complex puzzle that can leave you frustrated and potentially overpaying on taxes. But what if I told you there's now a solution that makes this process a breeze?

Introducing Fiskl's Enhanced Stripe Integration​

We're thrilled to announce a major upgrade to our Stripe integration that will revolutionize how you handle multi-currency transactions and reconciliations. 🎉

We're thrilled to announce a powerful new addition to Fiskl's reporting suite: the Transactions by Account report! This feature is designed to revolutionize how you view and analyze your financial data, especially if you're managing multiple currencies.

What's New: Transactions by Account Report​

The Transactions by Account report offers an unprecedented level of detail and flexibility in tracking your financial activities. Here's what makes it special:

🌍 Comprehensive Multi-Currency Support​

• Triple Currency View: See transaction amounts in original currency, account currency, and your base accounting currency - all in one place!
• Detailed Breakdown: View gross, net, and tax amounts for each transaction across all currencies.
• Exchange Rate Tracking: FX rates are included for easy currency conversion monitoring.

🔍 Unparalleled Transaction Detail​

Get a granular view of your finances with information on:

Get ready to take your multi-currency accounting to the next level with these game-changing updates! 💪​

• Our enhanced Chart of Accounts now offers unparalleled support for all your multi-currency needs.
• Experience the power of seamless cross-currency matching, splitting, internal transfers, and more with our revamped accounting transaction screens.
• Take full control of exchange rates at the transaction level, putting you in the driver’s seat.
• Say goodbye to manual adjustments with our new auto FX adjust functionality, saving you time and effort!