Currency Futures Contracts can be created from Sales Invoices/Delivery Agreements and Purchase InvoicesOrder/Receipt Agreements. This chapter illustrates how to create a Currency Futures Contract with examples from the sales point of viewfrom a Delivery Agreement; 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
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A 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
Create CFC
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 to create the futures contract when no further changes to the delivery agreement are expected.
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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. To be able to create the contract there must be a checkmark placed in Create CFC.
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When the Agreement has been filled out, go to click on Create CFC under Actions.
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After selecting “Create CFC” a similar message appears:Click on OK.
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Now the Futures Contract information is updated on delivery agreement with corresponding futures contract number:
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The newly created contract will open.
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When Note that when partially posting sales orders and purchase orders, futures contract must be created per posting (invoice) – see the Tax Act. |
Other Actions
Under Actions on the ribbon, there are the following buttonsThe following CFC Actions can be found on ribbon.
Create CFC: create - Create a futures contract.
Link CFC : link - Link the delivery agreement to an existing futures contract. The contract has to have a “Due Date” and “Forward rate”
Show CFC: open - Open existing contract linked to this the delivery agreement.
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