Automated Forex Gains and Losses in BlueBox

BlueBox has an automated way of dealing with the gains and losses which occur when a payment is finally attached to a debtors or creditors invoice.

It looks for a gain/loss between the base currency value in the invoice vs the base currency value in the payment.

If there is a gain/loss is check the following to see if it can automate the application of a suitable adjustment document (ie direct debit/credit note) to be applied to the invoice to correct the loss:

• The payment must be in the same forex currency as the invoice
• The payment must be for the full amount of the invoice (not just the balance owing)
• There must be a bb_sales_debtors_direct_debit_notes_types named 'Forex Gain Adjustment'
• There must be a bb_sales_debtors_direct_credit_notes_types named 'Forex Loss Adjustment'
• There must be a bb_procurement_creditors_direct_credit_notes_types named 'Forex Gain Adjustment'
• There must be a bb_procurement_creditors_direct_debit_notes_types named 'Forex Loss Adjustment'
• The must be a nominated GL account for gains in the bbsetting: bb_finance_general_ledger_accounts > bbsetting_forex_gains_account
• The must be a nominated GL account for losses in the bbsetting: bb_finance_general_ledger_accounts > bbsetting_forex_losses_account

Once these pre-requisites are confirmed to be in place the system will automatically add the required DR/CR notes each time a forex invoice is paid in full.

Inline Forex Base Currency Value Calculator for BlueBox

BlueBox includes forex specifications that allow you to manually set the forward rate and spot rates for any currency inputs in the system.

Until recently, if you wanted to over-ride the current spot rate for a currency value you would have to calculate the forward rate manually and then input it into the FR input box.

There is now a target base rate input field which automatically calculates the related FR rate to match the base rate that has been input: