RTI International is an independent, non-profit research institute dedicated to improving the human condition through science-based solutions. Their staff of over 4000 tackle hundreds of projects each year to address complex social and scientific challenges on behalf of governments, businesses, foundations, universities, and other clients and partners. (www.rti.org)
With offices on four continents and staff working on projects in more than 75 countries, RTI International needed an efficient way to post balancing entries across multiple General Ledgers, with many different functional currencies.
RTI International’s business partner Systemlink US, now Acumen Information Systems, recommended Orchid’s Inter-Entity Transactions product.
Inter-Entity would create balancing entries using the source company’s functional currency. Once these were sent through to the target company as source amounts, the functional currency values for the target company could then be computed by Inter-Entity, based on the multicurrency setup.
Thanks to Dave Beck and his team at Systemlink US, and the automation provided by Orchid’s Inter-Entity Transactions, RTI can now have more confidence in the accuracy of their financial data, and no longer need to manually create complex balancing entries.
“We are proud that Inter-Entity Transactions was able to be a key part of the solution for this strategically important deal.”