Purpose: The objective of financial preset “98_Munlin_Travel_conversion” is working only in OSISA and can be used to book Munlin travel conversion: received foreign currency and closing conversion difference to exchange gain/loss

PURPOSE:

The objective of financial preset “98_Munlin_Travel_conversion” is working only in OSISA and can be used to book Munlin travel conversion: received foreign currency and closing conversion difference to exchange gain/loss.

LOCATION:

Financial presets for Munlin conversion is located under Financials module à Presets à Preset Wizards: “98_Munlin_Travel_conversion”.

PREREQUISITES:

1.  General parameter `accMunlin17801` is defined to Receivable in ZAR (corp. 17801)

2.  General parameter `defaultT8Munlin` is defined to beneficiary code of Munlin Travel

3.  General parameter `accExchGain` is defined to local Revenue account (corp. 69300)

4.  General parameter `accExchGain` is defined to local Revenue account (corp. 69300) [GP1] 

LOGIC of preset for Check reconciliation:

Preset contains 3 pages (steps) for booking conversion from Munlin.

Page 1. Select accounts:

1.  Financial ledger {A or C}

2.  Transaction date {by default is today, however subject to change}

3.  Debit Bank/Cash account {list of local accounts in foreign currency mapped to 15100}

4.  Credit Receivable { R/O local account taken from general parameter `accMunlin17801`}

5.  Munlin T8 code {R/O Beneficiary code : general parameter `defaultT8Munlin`}

6.  Received foreign amount

Page 2. Select Funding Item:

7.  Accounting Period {List with open periods – according to transaction date}

8.  Funding Item [GP2] {list of all Funding Items for the chosen transaction year : initialized with general parameter `DefaultBudgetType`}

Page 3. Select Activity for commission and Received ZAR amount:

9.  Paid ZAR amount

10.  Activity for commission {list of activities with remaining budget in chosen budget year and for funding item}

VALIDATIONS before transaction generation:

Following validations take place:

1.  Ledger should be chosen

2.  Transaction date should be chosen but cannot be any future date (bigger than today)

3.  Check bank/cash account where foreign currency were received should be chosen

4.  Receivable account should be chosen

5.  On 2nd page of preset:

a.  Funding item should be chosen

b.  Accounting Period should be chosen

6.  On 3rd page of preset:

a.  Activity for commission should be chosen

b.  Memo of transaction should be entered

Generated Transactions (visualized on pre-posting screen):

1.  Received foreign amount in foreign currency accordingly to chosen bank account:

Dt Bank account without any analytic

Cr 17801 many lines with full analytics taken from remaining funds of chosen activity

2.  Gain/Loss from conversion in ZAR:

System calculates a difference in ZAR amount between ZAR equivalent in 1st JE and received ZAR amount (entered on page 3 of preset). Usually this difference is positive (Loss from conversion), but in some rate cases can be negative. Following example shows a loss from conversion:

Cr 17801 many lines with full analytics taken from remaining funds of chosen activity

Dt 69300 many lines with full analytics (as per the identified Operational Activity)

For negative difference – use local Revenue account (general parameter `accExchGain`)

Note: JE is generated in ledger A+N or C+P. Amount equivalents are calculated using daily rates

Pre-posting screen from above example:

 [GP1]If OSISA wants to keep track of the FOREX incurred during the FOREX purchase from Munlin Travel, prior to using the preset go to Settings > Module Settings and change the expense account from local 69300 to 69300.01_FOREX (Munlin) http://gmsnet. osisa. org/GMSNET/Objects/Settings/ModuleSettings. aspx

 [GP2]Even though the financial user is asked to specify one Funding Item (T4) in particular – the resulting FOREX expense (corp. 69300) is going to be split by the respective T4 codes, as per the identified Operational Activity.