Occasionally a contract may have prices in multiple currencies. In that case, the contract may make provision for conversion to the currency of the contract (e.g. NEC3/4 ECC Option X3). However, it's possible a contract may require payment in multiple currencies without conversion.
In this article we show you how to add manage prices in multiple currencies for a single contract within FastDraft.
This article explains the following:-
Note: FastDraft does not perform any foreign exchange calculations so secondary prices are not compatible with FastDraft's Financial Limits feature.
How to Add/Edit Secondary Prices
In order for the functionality to work, Secondary Prices must be switched on via the Contract Overview. Ideally, this should be done when the contract is first created but it is possible to add a Secondary Price(s) later.
The option to then add the Secondary Prices is available from the left hand menu under Other Prices.
There are dropdowns to select the currency and the type and the price in the selected currency.
In order to support the accurate tracking of previously certified values in the payment process, it's not possible to create a Secondary Price in the same currency as the main Contract Price and it's not possible to create more than one Secondary Price per currency.
Type is captured for information only. The value selected in this dropdown has no functional impact.
A list of Secondary Prices is available to view via the Other Prices menu.
How Secondary Prices are updated
Any workflow that can update the main Contract Price can also update a Secondary Price.
For example, when a quote is raised, the Secondary Prices can also be updated to reflect the change.
After a quote has been accepted or an assessment has been communicated the Secondary Price will be updated.
You can see the original price and current price in each currency by clicking the Other Prices menu in the left-hand menu and you can view a full audit trail of all changes for each price by clicking on the breakdown icon in the Logs column.
Payments and Secondary Prices
In order to be able to 'batch' payments for secondary prices together, the following workflows must be switched on in the Master Workflows and then turned on in the relevant template(s)
If they have been selected then the function to create certificates and applications from the original Payment workflows will be disabled.
If Batch payments have been activated then by selecting certificates or applications, the multiple currencies on the contract will be displayed in the form to populate accordingly.
Once a draft is saved attachments can be added to the relevant currency and two options are presented.
- Exit wizard without Communicate - The forms will be saved in draft under the original Payment workflows and will not be able to be communicated in Batch.
- Communicate all Currencies - This will communicate all the currency payments together on one form/Batch.
Communicate all Currencies
On selecting the green button to communicate a warning message will pop up.
Selecting yes
- A Batch Payment Certificate/Application will be created and shown as Communicated.
- A Payment Certificate/Application on one form will show the figures broken down by currency.
The dashboard will be updated to show the certified/applied for amount.
Selecting which currency to show from the button near the top right of the Dashboard will show the correct figures.
Exit wizard without Communicate
If this button is selected the following pop up is displayed
By selecting Yes an entry is written to the Batch certificate/application workflow with a status of 'Pending Drafts'
No more action can be taken from this workflow. They need to be worked on from the original Payment workflows - Payment Certificates or Payment Applications. They will have been created as separate entries, one for each currency, but they are related to each other and have the same Batch reference.
Once communicated the Batch Register now shows the batch as Communicated
Both Batch forms can be viewed to see the breakdown of payments by currency.
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