Gravity Software, which makes a cloud accounting solution built on the Microsoft Dynamics 365 platform, has introduced multicurrency and multi-entity accounting.
The new features, and Gravity Software’s platform as a whole, are aimed at businesses that manage multiple companies, each with its own separate database.
Gravity v.5.1’s key key updates include:
- Multicurrency: End users have the ability to set up multi-currency at three different levels. They can set up a single organizational currency for consolidations, a base currency for each company, and transact in different currencies. For example, they can receive a vendor invoice in a currency different from the entity’s base currency and Gravity automatically handles all the currency conversions.
- Enhanced multi-entity accounting: Entity groups can now be created and used in reporting and master files security (customer, vendor, etc.); and entities can be assigned to one or more groups. You can select an entity group and the report will include all of the entities in the group.
- Enhanced advanced financial reporting: Dimensions can now be used as filters on ADFS rows. Multiple entities can be grouped under a common name and used in reporting by just selecting the group.
“80 percent of our clients came from QuickBooks and the remaining from legacy accounting apps,” said John Silvani, president and CEO of Gravity, in a statement. “This software update release provides better efficiencies for businesses that are managing multiple entities and need to transact in different currencies. Gravity helps companies that truly want a robust cloud-based accounting solution at an affordable price.”
