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The Shireburn Euro Toolkits are a set of applications designed to allow the smooth and automated conversion to the Euro of Shireburn’s core software systems.
With the implementation of the Euro in Malta on the 1st January 2008, companies will need to convert their existing financial, inventory and payroll solutions as well as other systems to use the Euro as their base currency while preserving their LM denominated for reporting, statistics and audit purposes. This process involves the creation of a new Euro denominated company and the transfer of all data from one company to the other and the conversion of monitory values.
However, the matter is not as simple as it may initially appear. Invoice totals, when converted, may not agree with the conversion of the line items making up that invoice due to rounding issues. Equally, the total of all invoices may not agree with the client’s converted balance. This problem exists all the way up the line: nominal ledger transactions, inventory statistics, bank accounts, VAT control, opening balances from previous audited years etc.
 To assist its users with conversion to the Euro, Shireburn Software has developed the Shireburn Euro Toolkits. The objectives of the Euro Toolkits are:
- to smooth the process for clients - avoiding manual import/export processes; retaining valuable historic information; avoiding pile-up of processes on and after €-day; allowing post €-day focusing on the business & reduce hick-ups to business
- to ensure legal conformity
- to provide a valuable support service to our clients
In overview, the Euro Toolkits provide the following facilities:
- creation of a new € base currency company per system
- transfer & conversion of balances, transactions, prices, rates etc.
- transfer of historic data for a maximum of 2 years
- maintenance of the old LM company for historic reporting, statistics, reprinting and auditing etc.
- automated handling of conversion differences & rate of exchange realization
Shireburn Financial Manager
The SFM Euro Toolkit creates a new Euro denominated company and transfers all support files, transactions and settings to this new company, converting the monetary values to Euro using the Irrevocable Fixed Conversion Rate (IFCR) of 0.429300.
 The total of each transaction such as an invoice is converted to Euro followed by the line items making up that invoice. Any discrepancy between the converted invoice total and the total of the converted line items is posted as an additional positive or negative value in a new line item with the contra-entry being posted to a Conversion Difference balance sheet account in the nominal ledger.
Similar reconciliations are done for nominal ledger accounts, bank accounts, VAT control etc ensuring that the converted data remains valid.
The Euro Toolkit converts the Current Year and the Previous Year data.
SFM’s current facilities that allow the posting into the previous year of transactions received after the year end has been performed are still available. Facilities are provided in SFM to allow posting in the LM denominated company and the transferring and converted of these transactions to the Euro denominated company.
Invoices original transacted in Euros and still outstanding will be transferred retaining their original Euro values rather than converting the LM accounting value back to Euro. The Toolkit caters for the resulting exchange differences.
The same process is carried out for Euro Bank and Cash accounts.
All conversion and rounding differences are posted to the Conversion Difference Account which acts as an audit of all the conversions effected.
Shireburn Inventory Manager
Inventory systems need much more than just the conversion of selling prices to Euros. Transactions, statistics, rates of exchange, costs, and outstanding purchase and sales order values all need to be converted.
The Shireburn Euro Toolkit for SIMS creates a new Euro denominated company and transfers all support files, transactions and settings to this new company, converting the monetary values to Euro.
The totals of invoice and other transactions when converted are reconciled with the converted line items making up that transaction and differences are posted as discounts (negative or positive) on the transaction so as to maintain the transactions’ integrity.
A sample test run on 15,000 stock cards and 18,000 transactions inclusive of 56,000 line items was processed in 1½ minutes.
Shireburn Retail POS
The Euro Toolkit for Shireburn’s Retail POS archives all LM data and converts all stock cards including prices, costs, rates of exchange, promotional schemes etc.
Once converted to the Euro, the POS is available immediately to commence sales in Euro. Transactions effected are then queued up to be imported to SIMS once SIMS has itself been converted.
Shireburn Payroll System
The Euro Toolkit for the Shireburn Payroll automatically creates a new Euro denominated company and will transfer all support and transaction files to this company.
All employee details, salaries, NI contributions, calculations, future salary scales as well as historic transactions for the current and previous year are converted maintaining the LM company for reporting and audit
Shireburn Freight System
The Euro Toolkit for the Shireburn Freight System will create a new Euro denominated company and transfer all support files, bill of lading details, rates of exchange etc to this company.
The Toolkit will convert:
- All bill of lading details, charges, Contents and Commodities
- All Charges file, concessions, demurrage rates etc
- Converts all Rates of Exchange per voyage
Licensing
The Shireburn Toolkits are licensed per installation of the respective product i.e. SFM, SIMS etc and per additional company. On ordering the software on-line from Shireburn you will receive a license key which you would need to apply to the software for it to be used.
The Euro Toolkits will allow you to run a conversion run on a company as often as you please allowing you to test the conversion process, see the results, assess the impact of the methodology used and identify any transactions resulting in large rounding or conversion differences.
Pricing
The Shireburn Toolkits are licensed per installation of the respective product i.e. SFM, SIMS etc with an additional cost per additional company requiring conversion. The Shireburn Retail POS is also licensed per POS.
| Product | Costs |
Per install. | Per additional company |
| Shireburn Financial Manager - SFM | Lm180.00
€419.29 | Lm25.00
€58.23 |
| Shireburn Inventory Management System - SIMS | Lm160.00
€372.70 | Lm25.00
€58.23 |
| Shireburn Retail POS | - | Lm25.00
€58.23 / POS |
| Shireburn Payroll System - SPS | Lm100.00
€232.94 | Lm25.00
€58.23 |
| Shireburn Freight System - SFS | Lm200.00
€465.87 | Lm25.00
€58.23 |
All prices exclude VAT
On launch, the Shireburn Euro Toolkits will be available for order on-line. Following receipt of your order, you will receive a license key for the licensed number of companies which would be need to be added to the Toolkits' configuration.
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