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The Impact of the euro (Ireland)

euro equirements snippetThe Irish Sales / Distribution arm of a multi-national food company needed a plan for the transition to the Euro. This was not straightforward, because:

  • In practice, major customers could impose the timing of the transition for their transactions.
  • The company's ERP system (BPCS V6) had entirely adequate multi-currency support. However, the company had operated historically in a single currency for most purposes. Its systems were not configured for multi-currency accounting, and its procedures took no account of the requirements.
  • Local industry standards for the euro transition were evolving, but slowly.
  • There was a perceived risk that major customers would seek to exploit the transition for financial advantage.

We identified a process by which the transition to the euro could be safely managed, and determined how to reconfigure the ERP system to support this. To ensure that the impact of the emerging standards was understood, Stephen Scott attended meetings of the national trade association on behalf of the client.

At the technical level, there was one major lesson from this project: If you think your country might adopt the euro in the future, try to comply with your systems' multi-currency conventions when writing reports and add-ons, even in single-currency areas of your business.

 

Syncresis Ltd. Company no. 3548391. Registered in England and Wales. Registered office: 14 Wolverton Avenue, Kingston upon Thames, KT2 7QD. Vat No. 711 0818 74

All material on this page is copyright of Syncresis Ltd, 2005-2009, unless otherwise stated.

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