Person Responsible | Last Updated | Version |
|---|---|---|
| 1.0 |
Introduction Wisefish Currency Futures Contracts (CFC)
Introducing Wisefish Currency Futures Contracts (CFC) module exclusively designed for the Norwegian market within the Wisefish ecosystem. This solution seamlessly integrates with banks' Currency Futures Contracts (CFC) functionality, allowing businesses to link these contracts effortlessly with their sales in Business Central.
Tailored to address the challenges of fluctuating exchange rates in international trade, CFC provides an effective approach to mitigating currency risk. Perfect for businesses involved in both exports and imports, the module supports prevalent currency security methods employed by Norwegian banks, including currency accounts, forward contracts, options, and spot rates.
Within Wisefish Currency Futures Contracts, users can efficiently manage various financial transactions, from handling Wisefish Delivery Agreements to processing sales and purchase invoices, orders, shipments, and receipts. Batch posting for purchases and sales is supported, with a cautionary note about its use alongside futures contracts. Wisefish Currency Futures Contracts empowers Norwegian businesses to navigate international trade complexities with confidence and efficiency.
Product Description
Features
Handling of futures contracts from WiseFish - Delivery Agreement.
Handling futures contracts from Sales and Purchase Invoices.
Handling futures contracts from Sales Order and Purchase Order.
Handling sales shipments (Get shipment Lines).
Handling Purchase Receipts (Get receipt Lines).
Crediting Sales and Purchase Documents.
Batch posting for both purchase and sale. In principle, it is not recommended to use batch posting when using a futures contract.
Creation of futures contracts from posted sales and purchase documents.
Features on the roadmap
CFC on receipt agreements.
Bank integration.
Swap contracts or spot (only forward rates).
The batch job for adjusting Exchange Rates.
Features outside of scope
Currency Futures Contracts does not handle BC prepayment invoice. However, it is possible to create futures contract for posted prepayment invoice.
Exchange rate changes and thus associated additional fees for a Swap contract are not handled and must be taken care of by the user himself; i.e. financial adjustments.
Handling futures contracts for Receipt Agreement is not supported because it is not certain whether this function is needed at all. Receiving agreements are used for the purchase of fish; the fish are purchased in most cases in Norway and therefore the futures contract for the purchase of fish is not relevant. On the other hand, the purchase of services (such as freight etc.) is a large expense and one can imagine using futures contracts for these services. The Services are purchased via an order or purchase invoice and are supported by futures contracts.
User Interface
Usage Examples
Used for customers that are either using Business Central or Wisefish Norway on top of Business Central and do have Currenct Future Contracts at banks.
Manuaks
https://docs.wisefish.com/wfcfc/
Frequently Asked Questions
Is the system integrated with banks in Norway? No, but Wisefish is actively looking into that and it is one the roadmap but not with a planned release date.
Licensing guide
CFC either works as a stand alone application on top Wisefish Norway Base, which then depends on Wisefish. If a customer is using Wisefish Norway Base the connector is also needed for the system to work.
No other application is needed or can enhance the user experience of CFC.