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Currency Future Contract Status
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    • Currency Future Contract Status

    Owned by Agnes Sigurþórsdóttir (Unlicensed)
    Last updated: Jan 06, 2023
    2 min read

    Below is an explanation of all statuses for Currency Futures Contract. The status tells the progress in managing a futures contract. The user can change the status back and forth apart from Cancelled.

    To change the status go to Change Status from the Currency Future Contract page.

    Then select the status and click on Yes.

    Status

    Explanation

    Set

    Planned

    Futures contract is created from an unposted document (Delivery Agreement, Sales Order, Sales Invoice, Purchase Order and Purchase Invoice).

     

    Automatic on creation.

    Sent

    The futures contract has been sent to the bank.

    Automatically when e-mail is sent to the bank.

    Can be set manually.

    Approved

    The futures contract has been returned from the bank with the necessary information on, among other things, currency rate, contract number etc.

    Set manually. When the futures contract changes to this status, the bank's information is read-only.

    Activated

     

    Futures contract created/updated from a posted invoice.

    Automatically when creating. Upon update, the status is automatically set to "Activated" provided it was "Planned". Can be set manually.

     

    Finished

    The assigned invoice has been fully settled with a payment in/out.

    Automatically when recording payment when the amount is fully settled.  Can be set manually.

     

    Canceled

    The futures contract has been canceled. 

    Futures contracts cannot be deleted (in order to track all changes made to futures contracts) therefore a status is needed that states that the contract should no longer be used.

     

    Set manually.

    Ability to set mandatory reason codes when cancelled.

    Cannot be reversed.