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Subject: Costpoint Multicurrency and Bank Reconciliation Functionality

1.  Costpoint Multicurrency and Bank Reconciliation Functionality

Posted 09-05-2017 17:13
​Hi All,

I work for a mid-size in the San Francisco bay area and we use Costpoint from Deltek as our ERP system. We perform work in Europe and Canada in local currencies but convert everything back to USD before entering into our system which creates some difficulty from a reporting and foreign exchange perspective. We also would like to utilize the bank reconciliation functionality within Costpoint but it doesn't seem to be very intuitive. I guess my real question after all that does anyone here utilize the multi-currency and bank reconciliation functionality within Costpoint 7.0? If so, does it save you time, make you more efficient, and simplify your operation? Was it difficult to implement?

On the bank reconciliation front, our confusion is driven by the fact that Cospoint only has 4 BAI codes as standard and our electronic bank statements have close to 20 BAI codes. Is this an issue others have run into and is there an easy fix within Costpoint or are people editing the bank information to get this to work? To me, it seems to defeat the efficiency of a systematic bank reconciliation when I have to edit the inputs.

Thanks!

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Andrew Doble
Finance Manager
ECC
Burlingame CA
(650) 347-1555
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