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Supplier Forex Gain (SFX+)
Supplier Forex Gain (SFX+)
Overview
Overview
The Supplier Forex Gain transaction is designed to manage and record gains resulting from favourable shifts in currency exchange rates related to Payments to international suppliers. When a business commits to a Payment in a foreign currency and the exchange rate becomes more favourable by the time the payment is processed, the actual cost in the local currency may be less than initially expected, resulting in a Forex Gain. This Transaction Type is vital for accurately capturing and documenting the financial benefits that arise from these favourable currency fluctuations. In this document, we explain the Transaction Settings required and how to create a Supplier Forex Gain (SFX+) in the Ledger.
Navigation
Navigation
Main Menu > Accounting > Ledger > Supplier Forex Gain
Transaction Settings
Transaction Settings
General
Contacts = Supplier - All
Items & Inventory
Item Type = Default Item
Pricing = Cost Price
Accounting
Accounting = Enabled
Currencies = Local Only
VAT Type (Default) = No VAT
Default for = Supplier 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 Supplier Forex Gain transaction
How to create a Supplier Forex Gain transaction
Navigate to the Main Menu > Accounting > Ledger.
Click on the dropdown arrow next to the New (button) > select Supplier Forex Gain (SFX+).
Select the Supplier, Date, Period & Entity (if applicable), and enter the Amount.
Allocate the Supplier Forex Gain (SFX+) to a Supplier Invoice (SI).
Once complete, set the Transaction Status to Complete.
Supplier Forex Loss (SFX-)
Supplier Forex Loss (SFX-)
Overview
Overview
The Supplier Forex Loss transaction is critical for accurately capturing and managing losses due to unfavourable currency exchange rate movements during Payments to international suppliers. When a commitment to pay a supplier in a foreign currency is met with depreciation in that currency's value against the local currency, the actual amount paid might exceed the original Invoiced Amount, resulting in a Forex Loss. This precise accounting ensures that financial statements accurately represent the additional costs incurred. In this document, we explain the Transaction Settings required and how to create a Supplier Forex Gain (SFX+) in the Ledger.
Navigation
Navigation
Main Menu > Accounting > Ledger > Supplier Forex Loss
Transaction Settings
Transaction Settings
General
Contacts = Supplier - All
Items & Inventory
Item Type = Default Item
Pricing = Cost Price
Accounting
Accounting = Enabled
Currencies = Local Only
VAT Type (Default) = No VAT
Default for = Supplier 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 Supplier Forex Loss transaction
How to create a Supplier Forex Loss transaction
Navigate to the Main Menu > Accounting > Ledger.
Click on the dropdown arrow next to the New (button) > select Supplier Forex Loss (SFX-).
Select the Supplier, Date, Period & Entity (if applicable), and enter the Amount.
Allocate the Supplier Forex Loss (SFX-) to a Supplier Payment (SP).
Once complete, set the Transaction Status to Complete.
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