Forexchange
About Forexchange
Welcome to Forexchange help. This documentation should help Foreign Exchange
businesses to realize the full potential that comes bundled in this
software.This documentation is to help Forexchange customers understand the
major features of the software.
Forexchange comes fully tested for windows ME (Home Edition), XP and 2000 but
has not been thoroughly tested for windows 95 and 98. Trial versions of
Forexchange expires after 60 days and request to renew trial period is also
available on request.
Purchase of the full version can only be done on the web
site using a credit card where the registration key will be provided. In the
future sales agents will be able to perform the distribution of the Keys.
Forexchange is simply a Currency Exchange Software created to assist Foreign
Exchange Bureaus manage and monitor their daily business activities. It also
keeps tracks of the business's Accounting functions includes banking, income and
expense activities.
With this software package, a user can manage customer details, their currency
purchases and sales and accounting reports for particular activity. It comes
with two levels of security. Supervisor and a Teller functions. Tellers are only
allowed to perform Sells and purchases and be able to query all sort of reports.
Supervisors can not do sales and purchases but can reverse sells and purchases
done by tellers. Supervisor can also records income, pay expenses and buy
assests. Supervisor will be able to setup daily Rates, manage Teller balances,
add currencies and withdraw currencies. Initially a Supervisor must setup
certain areas of Forexchange to allow it to work well.
How to use
Forexchange
Forexchange ships with 2 users already setup. 1 Supervisor and 1
Teller. First you must login as supervisor and perform the following :
1. The rates must first be setup
for the Vault currencies before the Teller Rates are automatically refreshed to
mirror the Vault Rates.
2. Add Tellers to the system. Supervisor
could set default passwords to OP so that the Tellers can choose their own
passwords when they login.
3. Once the the Vault Currencies
Rates have been setup, the supervisor should set the local currency. Example
KESC (Kenya Shillings comes setup as the local currency for the system). This
is where all currencies are benchmarked for exchange purposes.
4. The Supervisor can now add
amounts to each currency through 'Add Cash' option found on the
supervisor menu. These adds are investment money from the business
owner. You must have money in the currency you are going to allow Tellers
to trade in especially selling.
5. Now access the Teller balances and
Rates to add amount to tellers and change their rates. On this screen you can
automatically reload both the currency names and/or reload the Rates. The rates
are loaded to the Teller Rates from the Vault Rates but can be manually
adjusted too by the supervisor. Tellers must have both the forex currency and
local currency amounts in order to perform the selling and buying. One thing to
remember, Forexchange does not subtract amounts from the Vault when the Tellers
has been given money from the Vault. The assumption is that just because
the Teller has the money in their drawer does not mean that it is not
considered just within the business. The selling and buying will credit
and debit the Vault amounts automatically when it does the same to
Teller drawers. This is to minimize on the work that it takes to
reconcile the Teller drawers balance and Vault balances.
6. Each Teller must perform 'End of Day'
processing to close their own books at the end of the day. If the business
wants to close Teller books at the end of each week, that is fine
too. Just remember when this is done the supervisor will must perform
system 'End of Day' processing to close the day's or Week's transactions
and create that days or week's backup file. Each day/week the
supervisor must perform 'Begin Of Day' processing to allow tellers to start
their work day.These functions are also found on the supervisor menu.
7. The Teller can also reverse their own transactions with some exceptions. A
teller can not reverse some other Teller transactions. The supervisor can do
that. The Teller can perform all Sells but certain purchases can not be
reversed if a sell from that purchase has been done. Purchases are kept in
batches to keep track of the purchase rates for the purpose of calculating
profits when a sell is done. If a sell has been done form a purchase batch,
that purchase will not be reversible. So it is very important that a reversal
be done as soon as it is needed.
8. Banking activities will keep track of bank deposits and withdrawals. These
are to mirror all the banking activities that the business does. All bank
accounts that affect the business should be added. It is important to
make sure that the bank money type is coded correctly especially that the local
currency equivalent will be calculated based on the daily rates to
determine the bank values.
9. Loans tracking are another way to help businesses keep track of
money movement in and out of it. Loans from banks to the business and
loans from the business to individuals should be tracked consistently to
balance the books. Purchase of Assets like furniture and payment of
Expenses like Electricity, is to be recorded by the supervisor who would
normally authorize the transactions. Forexhange did not find it necessary to
lump these into Teller activities since the Tellers should be doing selling and
buying of currencies and not paying bills.
Finally, within the rest of the topics, we have
captured certain screens in the system to illustrate what they looks like. The
screens and explanations from this point on are to briefly help the users learn
what is available in Forexchange system. To really enjoy this system, one must
download a trial version of Forexchange.
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