There are two possibilities working with futures contracts.
a. Create new futures contract based on sales document
b. Link sales document to an already existing futures contract
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This chapter illustrates the functionality of the CFC module with the help of flow charts. More detailed information can be found in the following chapters.
Create New Futures Contract Based on Sales Document
Below is a flow chart that explains the process flow of creating a futures contract from a sales document.
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2. Send the futures contract with the necessary info (currency, amount, due date) to the bank. Status automatically changes to Sent.
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If the bank portal for futures contracts is used, the futures contract is created in this step. Use WiseFish futures contract number in the comment field in the portal. |
3. The bank sends user confirms the contract information back, or use information directly from with the bank portal.
4. Futures contract in WiseFish is filled in with bank details (CFC No. (channel-id), forward rate etc.). Change status to Approved.
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When bank integration is enabled, futures contract information is retrieved from the bank. If there is an assigned futures contract in WiseFish, it is updated with bank information and the status is set to "Approved". All this happens automatically. Futures contracts that cannot be assigned to a Currency futures contract (due to number not found) will have a notification for manual processing to the responsible user. In such a case, the responsible user must take an assessment and either accept or assign the bank's futures contract to Currency futures contract manually. |
5. Create posting document and post as usual; the futures contract is updated automatically with relevant data from the invoice (for tracking).
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6. Handle in/out payments of invoice with futures contract.
Link
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Sales Document to Existing Futures Contract
Below is a flow chart that explains the process flow of creating a linking a sales document to existing futures contract.
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1. Select and link sales document to existing futures contract
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3. Handle in/out payments of invoice with futures contract.
Creating a Currency Futures Contracts
Currency Futures contracts can be created from:
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