Futures contract setup
Before using futures contracts, you must decide
for which currencies futures contract should be used
whether the futures contract should be created/updated automatically when posting
whether to use a futures contract for purchase and/or sale
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In the example above, futures contracts are only allowed for EUR for sale, but not for GBP and USD.
We take a closer look at setting up EUR for sale:
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Field
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Mandatory
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Explanation
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General:
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Currency code
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Yes
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Specifies the currency code for which it should be possible to create futures contract.
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Type
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You can choose between:
Sales
Purchase
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CFC Nos.
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Yes
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Number series for futures contracts. You can use different number series for purchases and sales or different currencies.
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Activate CFC Creating on Documents
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When set, delivery agreement, sales invoice, sales order, purchase invoice, and purchase order (document) will be marked for futures contract creation provided the currency of the document is enabled for futures contract.
The alternative option is to set futures contract creation manually.
Typically, you want to enable this option when in most cases you want to create futures contract from a voucher.
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Bank Account No.
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If you use bank accounts in BC for currency, you can select the corresponding bank account here.
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Bank Name
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Automatically fills in if you select Bank Account No. but can be overwritten.
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Contact E-Mail
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Automatically fills in if you select Bank Account No. but can be overwritten. Used for sending futures contract on e-mail to the bank.
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Default Values:
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Cancel Reason Code Mandatory
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Cancellation reason code is enforced when cancelling futures contract
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Initialize Bank Amount with planned Amount
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Bank amount is filled in with planned sales amount from the document in which the futures contract is created from.
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Initialize Bank Due Date with planned Due Date
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Bank due date is filled in with planned due date from the document in which the futures contract is created.
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Default Addition – Initialize Due Date
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Grace period days added to due date mentioned above.
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Bank Integration:
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Password
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Not in use. Is intended for future electronic integration for futures contracts with the bank. Under development.
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URL
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Below is information on how the CFC module is set up from the CFC Setup page.
Go to the search bar and type CFC Setup. Click on CFC Setup Lists.
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Click on New.
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Fill in the fields and place a checkmark where applicable. It is required to fill out fields that are marked with a red star. Hover over field names to get a more detailed description.
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Note that in most cases the Activate CFC Creating on Documents is enabled. If the Currency Future Contract should be created/updated automatically when posting Delivery Agreements, Sales Invoices, Sales Orders, Purchase Invoice, and Purchase Order place a checkmark in this field.
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If a cancellation reason code should be enforced when cancelling a currency future contract place a checkmark in Cancel Reason Code Mandatory. More information on how to set up Cancel Reason Codes can be found here.
When the page has been filled out, close the page to save the setup. Now, everything has been setup to start using Currency Future Contract.
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