Currency Futures Contracts can be created from Sales Invoices/Delivery Agreements and Purchase Invoices/Receipt Agreements. This chapter illustrates how to create a Currency Futures Contract with examples from the sales point of view; however, the functionality is similar from the purchase point of view. Futures contracts are usually created by salespeople. Einnig taka fram að þetta er gert úr DA
| Info |
|---|
A process flow chart on how to create a Currency futures contracts can be found here. |
When started with a delivery agreement, the futures contract can be created from there; but it is not required. Last check if futures contract has been created is performed on posting document (sales invoice or sales order).
Setja inn kaflaheiti
Start by creating and filling out a Delivery Agreement. Note that it is possible to create the futures contract at any time (even if the lines have not been filled out). However, it is recommended that you create the futures contract when no further changes to the delivery agreement are expected.
...
In this example the sale to the customer is in GBP. The Foreign Trade tab displays the currency and cfc set up for the sale.
...
When the Agreement has been filled out, go to Create CFC under Actions.
...
After selecting “Create CFC” a similar message appears:
...
Now the Futures Contract information is updated on delivery agreement with corresponding futures contract number:
...
Click on CFC No. to open the contract.
...
The newly created contract will open.
...
Other Actions
Under Actions on the ribbon, there are the following buttons:
Create CFC: create a futures contract.
Link CFC: link the delivery agreement to an existing futures contract. The contract has to have a “Due Date” and “Forward rate”
Show CFC: open existing contract linked to this delivery agreement.
After selecting “Create CFC” a similar message appears:
Futures contract information is updated on delivery agreement with corresponding futures contract number:
The futures contract that is created may look like the following:
| Info |
|---|
When partially posting sales orders and purchase orders, futures contract must be created per posting (invoice) – see the Tax Act. |