Setting up a foreign currency creditor
1. Create a creditors claim account for creditors who are making a claim in a foreign currency.
Add a new unsecured creditor account
From unsecured creditor register:
- Click "Add account"
- Enter an account Name
- Select the currency
- Click OK
Add the FX rate
To enter the exchange rate at the date of appointment:
- Click on the XR ellipsis
- Enter the rate
- Click OK
Add an FX creditor
To add an FX creditor
- Click "Add a creditor"
- Select the foreign currency account.
The FX creditor entry appears.
Updating existing claims
If the creditor is already setup:
- Right-hand click on the creditor in the creditors claim list
- Select "Change Claim Account" and
- Select the correct account.
When entering the claim details you will notice there are two debt amount lines. One for the foreign currency amount and one in AUD. If you have entered the exchange rate in the setup of the account the claim will auto convert to AUD once you enter the foreign amount.
The amount entered on the existing creditors is assumed to be AUD. Once you change the class of the creditor the foreign currency amount will be calculated on the existing amount. You may need to update the amounts if the existing amount was already in foreign currency.
Complete the Claim
Enter the POD using AUD amount.
Admit as usual.
Paying an FX distribution.
Click on the foreign currency account so only those being paid in this currency are listed.
Enter the rate or amount to be paid in AUD as per a normal dividend to propose the dividend.
Process the distribution from an AUD account as the distribution is in AUD.
You will need to organise payment in foreign currency via your bank. You will not be able to upload an ABA file for this type of transaction.
Importing creditors in Foreign Currency
If the import schedule has been completed using foreign currency you should first setup the Claim account (as in step 1) before running the import wizards.
When importing change the Uns Claim Type to the claim type you want use.
Creditors have been imported with a foreign currency amount as AUD.
If your import was in foreign currency or your creditor was setup with the foreign currency amount but no foreign currency account was setup you can firstly setup the account, then change the account type for the creditors to the correct account type. The system will assume the amount originally entered was in AUD and convert back so you will need to update your amounts before proceeding.
Output electronic OTT formats for FX.