Retired members are paid a pension in the foreign currency of the country in which they were resident at the time of their retirement.
In the case of foreign currency benefit payments, a deal exchange rate is requested from the foreign exchange department in order to realize a better currency deal.
The exchange rate deals table is updated when:
- The Save button on the JU2BK Accounting Journal Details screen is selected.
- An exchange rate and a deal number have been received from foreign exchange for the currency amount.
JU2BK Accounting Journal Details
When the Save button on the JU2BK Accounting Journal Details screen is selected, the system will validate that the deal number and the Bank details are already on the JU2ER Exchange Rate Deals List screen. If not, a Confirmation Message will be displayed for the user to confirm that the record must be stored for the following fields on the JU2ER Exchange Rate Deals List screen:
- Forex Deal Number
- Base Currency
- Currency
- Exchange Rate
For more information, refer to
Accounting
Transaction Capture
Manual Accounting Transactions
Note:
The JU2BK Accounting Journal Details screen is selected as follows:
Accounting > Transaction Capture > Manual Accounting Transactions > Create Accounting Journal
OR
Accounting > Transaction Capture > Manual Accounting Transactions > Bank Account Allocations
If the user confirms the message, the system will create a new record on the JU2ER Exchange Rate Deals List screen.
Exchange rate and a deal number received
When an exchange rate and a deal number have been received from foreign exchange for the currency amount, i.e. the amount to be paid to the receiving bank, the details of the deal must be captured on the JU2ER Exchange Rate Deals List screen.
From the JU1BK List screen, select a product, then select Parameters > Exchange Rates Deals from the sub-menu on the left.
The JU2ER Exchange Rate Deals List screen will be displayed.
To search for and display a list of exchange rate deals, select a value from the Base Currency drop-down list and click SEARCH.
The JU2ER Exchange Rate Deals List screen will display the exchange rate deals with a status of authorised and those with a status of captured (unauthorised).
To display only authorised exchange rate deals, tick the Authorised Rates Only tick box and click SEARCH. The JU2ER Exchange Rate Deals List screen will display only those exchange rate deals with a status of authorised.
To display exchange rate deals up to a specific effective date, capture a date in the Effective To Date field and click SEARCH. The JU2ER Exchange Rate Deals List screen will display all dates matching this date at the top of the list followed by all earlier dates.
The screen will display all exchange rate deals for the Base Currency selected, the Effective To Date captured and per the Authorised Rates Only tick box.
Note:
The JU2ER Exchange Rate Deals List screen allows for the selection of multiple lines for authorising purposes. Care should be taken when selecting exchange rate deals on the screen for other purposes, e.g. OPEN or DELETE, as these functions are only enabled for a single selection.
If a line is already highlighted and you wish to make a different selection, then click on the line a second time to “deselect” the line.
To flow directly back to the JU1BK List screen in order to make a selection for another product, click RESET.
To view details of an exchange rate deal, select a line on the JU2ER Exchange Rate Deals List screen and click OPEN. The JU2ER Exchange Rate Details screen will be displayed.
If the selected exchange rate deal has a status of authorised, none of the fields are enabled for update.
If the selected exchange rate deal has a status of captured, the following fields are enabled for update:
- Deal Number
- Bank
- Contact Person
- Exchange Rate
Capture the updates and click OK. The updated details will be displayed on the JU2ER Exchange Rate Deals List screen.
To delete an exchange rate deal, select a line on the JU2ER Exchange Rate Deals List screen and click DELETE. The selected exchange rate deal will be deleted from the JU2ER Exchange Rate Deals List screen.
To add a new exchange rate deal, click NEW on the JU2ER Exchange Rate Deals List screen.
The JU2ER Exchange Rate Details screen will be displayed.
Descriptions of the input fields on this screen appear below.
|
Effective Date |
The date from which the forex exchange rate deal is effective. |
|
Deal Number |
The number of the deal arranged for the exchange rate. |
|
Bank |
The name of the bank that processed the foreign exchange deal. Click the LIST button to flow to the JU1AR Bank List screen to select a bank from the list. |
|
Contact Person |
The name of the bank person who processed the foreign exchange deal. |
|
Process |
The process for which the foreign exchange deal applies. Select one of the following values from the drop-down list: - ANNUITY PAYMENT - BENEFIT PAYMENT - MANUAL INITIATE |
|
Base Currency |
The currency of the product to which the member belongs. Select a value from the drop-down list. |
|
Currency |
The currency in which payment must be made. |
|
Exchange Rate |
The specific deal exchange rate received from the foreign exchange department. |
Once the necessary data has been captured, click OK. The exchange rate deal will be displayed on the JU2ER Exchange Rate Deals List screen with a status of captured.
The JU2ER Exchange Rate Deals List screen allows for the selection of multiple lines for authorising purposes. To authorise an exchange rate deal, select one or more lines with a status of CAPTURED and click AUTHORISE.
The status of the exchange rate deal will be changes from CAPTURED to AUTHORISED for the selected items on the JU2ER Exchange Rate Deals List screen.