Embedded Files
Customer Forex Gain (CFX+)
Customer Forex Gain (CFX+)
Overview
Overview
The Customer Forex Gain transaction addresses the financial impact of Currency Exchange Rate fluctuations on international customer Payments. When a customer Payment is received in a foreign currency and the exchange rate is favourable, the converted amount in the local currency may exceed the original Invoice value. This results in a Forex Gain. This Transaction Type is essential for businesses to track and report these gains accurately, ensuring that financial statements reflect the actual benefits derived from foreign exchange movements. In this document, we explain the Transaction Settings required and how to create a Customer Forex Gain (CFX+) in the Ledger.
Navigation
Navigation
Main Menu > Accounting > Ledger > Customer Forex Gain
Transaction Settings
Transaction Settings
General
Contacts = Customers - All
Items & Inventory
Item Type = Default Item
Pricing = Cost Price
Accounting
Accounting = Enabled
Currencies = Local Only
VAT Type (Default) = No VAT
Default for = Customer Forex Gain
Status
Status
Pending = Editing - All; Accounting - Enabled
Complete = Default - New Transaction; Editing - None; Accounting - Enabled
Cancelled = Editing - None; Accounting - Disabled
Transaction Settings
Transaction Settings
Accounting
Currencies = Company and Local (Edit RoE)
How to create a Customer Forex Gain transaction
How to create a Customer Forex Gain transaction
Navigate to the Main Menu > Accounting > Ledger.
Click on the dropdown arrow next to the New (button) > select Customer Forex Gain (CFX+).
Select the Customer, Date, Period & Entity (if applicable), and enter the Amount.
Allocate the Customer Forex Gain (CFX+) to a Customer Receipt (CR).
Once complete, set the Transaction Status to Complete.
Customer Forex Loss (CFX-)
Customer Forex Loss (CFX-)
Overview
Overview
The Customer Forex Loss transaction captures the financial implications of unfavourable currency exchange rate movements on Payments received from international customers. When a Payment is made in a foreign currency and the exchange rate shifts unfavourably before the transaction is settled, the amount received in the local currency may be less than the Invoiced amount, leading to a Forex Loss. This Transaction Type is crucial for businesses to accurately identify, calculate, and record losses due to exchange rate fluctuations. In this document, we explain the Transaction Settings required and how to create a Customer Forex Loss (CFX-) in the Ledger.
Navigation
Navigation
Main Menu > Accounting > Ledger > Customer Forex Loss
Transaction Settings
Transaction Settings
General
Contacts = Customers - All
Items & Inventory
Item Type = Default Item
Pricing = Cost Price
Accounting
Accounting = Enabled
Currencies = Local Only
VAT Type (Default) = No VAT
Default for = Customer Forex Loss
Status
Status
Pending = Editing - All; Accounting - Enabled
Complete = Default - New Transaction; Editing - None; Accounting - Enabled
Cancelled = Editing - None; Accounting - Disabled
Transaction Settings
Transaction Settings
Accounting
Currencies = Company and Local (Edit RoE)
How to create a Customer Forex Loss transaction
How to create a Customer Forex Loss transaction
Navigate to the Main Menu > Accounting > Ledger.
Click on the dropdown arrow next to the New (button) > select Customer Forex Loss (CFX-).
Select the Customer, Date, Period & Entity (if applicable), and enter the Amount.
Allocate the Customer Forex Loss (CFX-) to a Customer Invoice (CI).
Once complete, set the Transaction Status to Complete.
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