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FIFO (First-In, First-Out) is an automated solution for Oracle NetSuite used to value foreign currency cash balances in bank accounts. The system automatically values currency outflows based on the order in which funds were deposited, comparing FIFO rates with the average rates of the National Bank of Poland (NBP) to determine foreign exchange differences. The solution fully automates the process of accounting for foreign currency transactions and generating accounting documents. The solution automatically generates and posts Journal Entries (PK documents) containing the FIFO valuation of foreign currency cash. The system compares the FIFO rate with the NBP average rate from the day preceding the payment date, allowing for precise calculation of foreign exchange differences. Built-in control mechanisms prevent duplicate valuations for the same period.
Through the automation of the foreign currency cash valuation process, the FIFO solution for Oracle NetSuite ensures accuracy, time savings and full compliance with accounting regulations, eliminating manual calculation errors and the risk of duplicate valuations.
The FIFO solution for the valuation of cash on bank accounts operates in accordance with Article 34, paragraph 4, points 1-3 of the Law on Accounting and allows for the valuation of cash outflows using the "First-In, First-Out" method.
