Currency Contracts

If you operate across currencies, you'll often want to lock in an exchange rate today for a payment that happens months from now. Currency contracts (also called FX forwards) let you record those agreements with your bank or FX provider and draw down against them when you make supplier payments.

What a currency contract looks like

Each contract records:

• Counterparty: Your bank or FX provider.
• Sell currency / buy currency: e.g. sell GBP, buy EUR.
• Sell amount / buy amount.
• Strike rate: The locked exchange rate.
• Settlement date: When the contract matures.
• Status: Active, Drawn Down, Settled, Cancelled.
• Notes and external reference.

The currency contracts list

Columns include counterparty, currency pair, contract amount, strike rate, drawn amount, remaining, settlement date, and status. Filter by status, currency pair, and settlement date range.

Drawing down

When you record a supplier payment in the contract's currency, you can allocate part of it to a contract. The contract's "drawn" amount increases, and the supplier payment uses the locked rate instead of a market rate. This is how the locked rate flows through to your P&L.

Settlement

When the contract reaches its settlement date and is fully drawn down, mark it Settled. Any unallocated amount is realised at the settlement-day market rate (or whatever your provider settles it at) and recorded as an FX gain/loss.

Plan

Currency contracts are typically a Business-plan feature. See Billing for plan details.