What's New - Version 6.0.26

Release Date : 22 Nov 2021

1. Revamped “Forex Cash/Bank Books” with Auto Posting of “Realised Forex Gain/Loss” (Enhanced)
Bid Adios to manual calculation of Realised Forex Gain/Loss for Forex Cash/Bank Books every year. For all Forex Cash/Bank Books, FACT ERP.NG now calculates and posts “Realised Forex Gain/Loss” automatically now.
Enjoy the following amazing benefits

  • Enter any of the following transactions for Forex Cash/Bank Account
    • GL Payment/Receipt (Cash/Bank Payment/Receipt)
    • Contra Voucher (transfers from Cash to Bank, Bank to Cash or Bank to Bank)
    • Customer Receipt/Payment
    • Vendor Payment/Receipt
  • If the Exchange Rate entered in the transaction is different from the Running Exchange Rate (Weighted Average), Forex Gain/Loss will be calculated and posted automatically to the GL Code which has been mapped for Auto Posting of Realised Forex Gain/Loss in System Controls
    • If there is a positive balance and you make a deposit (there is no Gain/Loss) and the Weighted Average is automatically calculated. The same thing happens if you a have an overdraft in the account and you make a payment
  • Total Visibility: New “JV” Button in the above transactions will display the Auto Calculated Realised Gain/Loss Amount in pink colour and show the posting of all the amounts / print option also added
  • “Currency Exposure – Banks” Report:Generate to get a 360 degree view of Opening Balance, Payments, Receipts and Closing Balance of every Forex Cash/Bank Book
    • Colour Coded transactions provides much greater readability
    • Drill Down from every transaction to view full details
    • Hand over this report to your auditor and save time at audit / no more questions
    • View Closing Balance and the potential Unrealised Forex Gain/Loss Amount
    • Click on “Notes” buttons for detailed explanations
    • Hover the mouse over any transaction to see the calculation basis instantly
    • Manual “Cash/Bank Vouchers” entered for GL Code mapped against “Realised Forex Gain/Loss” via System Controls now appear highlighted for easier identification and deletion (where desired)
    • “Unrealised Forex Gain/Loss Amounts” which have been Auto Posted from “Forex Bank Revaluation (Permanent), now appear in yellow highlight for great readability and identification
    • Mistakenly entered Exchange Rate = 1.00 is displayed in red and draws your attention for quick correction
    • View Closing Balance, Exchange Rate on Closing Date and the potential Unrealised Forex Gain/Loss Amount
  • “Forex Bank Revaluation” has been totally revamped for great visibility and easy decision making
  • System Controls/P&L and Cash Book has been revamped and displays full information about the GL Codes mapping for Forex Gain/Loss
  • “Forex Cash/Bank Amounts” are now displayed in Purple Colour in transactions for easy identification and reduction of errors
  • “Recalculate Balances” recomputes the Realised Forex Gain/Loss for Forex Cash/Bank Books without touching the transactions up to the last month end when “Forex Bank Revaluation” has been run

  • Call our Implementation Specialists for detailed training on Forex Cash/Bank Accounts
    • Exploit the full power of the features designed to reduce manual work to zero
    • Get trained on Forex Bank Revaluation and the controls you get
    • How to avoid generating Realised Gain/Loss for Forex Cash/Bank Books
    • How to handle Forex Cash/Bank Books when running Year Ending
2. Drill Down into “Forex Gain/Loss” General Ledgers enhances visibility (Enhanced)
Drill Down to transaction level for “Realised Forex Gain/Loss” and “Unrealised Forex Gain/Loss” GL Codes(mapped via System Controls) from

  • Trial Balance
  • Profit & Loss Account
3. All Tiles – CXO Control Tower  (Enhanced)
Right-Click on any “Grouped Field” to Collapse/Expand All and view Totals at “Collapsed Level”

  • Example: Group on Customer Name and Right-Click to select “Collapse All
    • Instantly view Amount Totals for each Customer and for all Customers

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