Overview
Companies that buy or sell foreign currency through banks to fund letters of credit need to lock an exchange rate today and settle it later, often in several partial tranches. This module gives the finance team a dedicated record for each bank forward deal, capturing the bank, journal, currency, agreed amount and rate, then generates the matching accounting payment at the confirmed rate with a single click. Deals can be split into settlement lines that each book their own payment, with remaining and paid amounts tracked automatically until the deal is fully settled.
Workflow
Acount Bank Forward Deal
Draft
In Progress
Done
Cancelled
Acount Bank Forward Deal Line
Draft
Paid
Cancelled
Rejected
Key Features
- Dedicated bank forward deal record with auto-generated reference numbers (ABFD/year/month sequence).
- Buy or sell deal types, with deal lines automatically taking the opposite (inverse) side.
- Automatic currency rate computation from the company rate on the deal date, stored as a confirmed rate when the payment is posted.
- One-click payment creation that posts an inbound or outbound account.payment at the locked rate.
- Settlement lines for partial fulfilment, each able to generate and track its own payment.
- Live tracking of total line amount, remaining deal amount, and remaining amount to pay.
- Status flow (Draft, In Progress, Done, Cancelled) driven by payment state across all lines.
- Protects integrity: posted payments and linked journal entries cannot be reset to draft once the deal is Done.
- Smart button and dedicated view listing every payment linked to the deal and its lines.
- Links each bank to a partner so payments are booked against the correct counterparty.