FOREX PAYMENT PROCESS

FOREIGN PAYMENTS ARE OF TWO CATEGORIES : FOR MATERIAL : FOR SERVICES : -

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DOCUMENTATION PROCESS FOR FOREX PAYMENTS : FOR MATERIAL : COPIES OF INVOICES. REQUEST LETTER ( DEBIT LETTER ) DULY SIGNED BY AUTHORISED SIGNATORIES. FORM NO A-1 DULY SIGNED BY AUTHORISED SIGNATORIES. TRIPLICATE COPY OF BILL OF ENTRY( DULY SIGNED BY CUSTOMS AUTHORITIES ) ALONG WITH AIRWAY SLIP OR COURIER SLIP SHOWING PROFF OF CONSIGNOR AND CONSIGNEE.

FOR SERVICES : COPIES OF INVOICES . REQUEST LETTER ( DEBIT LETTER ) DULY SIGNED BY AUTHORISED SIGNATORIES . FORM A-2 DULY SIGNED BY AUTHORISED SIGNATORIES . 15 CA DULY SIGNED BY THE AUTHORISED SIGNATORY . 15 CB DULY SIGNED AND STAMPED BY A CERTIFIED CHARTERED ACCOUNTANT .

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BOOKING OF FOREX TRANSACTIONS IN SAP

FOR SERVICES : THE EXPENSES HAS TO BE BOOKED ALONG WITH TDS DEDUCTIONS AND SERVICE TAX WHEREVER APPLICABLE. CONFIRMATION SHOULD BE TAKEN FROM THE TAXATION TEAM FOR THE SAME .TDS GROSS UP AREAS SHOULD ALSO BE BOOKED ACCORDINGLY . REQUIREMENT IS NO PE/ PAN. FOR MATERIAL PAYMENTS : THE BOOKINGS ARE BEING DONE BASED ON THE PO SPECIFICATIONS AND GR CONFRIMATIONS .

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REMMITANCE OF FOREIGN PAYMENTS

BANK LINK PAYMENTS :
THE INVOICES DUE FOR PAYMENT ARE PICKED IN THE TRIAL WEEKLY BANK LINK RUN ON FRIDAY HOWEVER THE DOCUMENTS WHICH ARE DUE AND READY ARE PUT AS PAYMENT METHOD B AND ARE FINALISED ON MONDAY . REMAINING ARE BLOCKED .

THE DOCUMENTS WHICH ARE READY FOR PAYMENT ON WEDNESDAY WE HAVE TO TAKE A MANUAL DEAL FROM THE TREASURY AS THESE ARE OF MULTIPLE CURRENCIES .
INVOICES WHICH COULD NOT BE PICKED IN THE WEEKLY BANK LINK CAN ALSO BE PUT IN THE DAILY BANK LINK BASED ON THE URGENCY AND COMPLETION OF DOCUMENTATION .

MANUAL PAYMENTS :
WE HAVE THE OPTION OF RELEASING PAYMENTS MANUALLY ALSO HOWEVER THIS IS A VERY RARE PROCESS . THE ONLY DIFFERENCE IS WE HAVE TO CLEAR THIS PROCESS MANUALLY FROM VENDOR ACCOUNT .

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VOLUME OF FOREX PAYMENTS

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CLEARANCE OF CONTROL ACCOUNT AND EBS IN SAP

FOR BANK LINK PAYMENT : CLEARING THE TOTAL PAYMENT FROM EBS TO 229200 A/C . VENDOR A/C DOCUMENT IS CLEARED TO 222000 A/C AUTOMATICALLY (WEEKLY BANK LINK). CLEARING THE 222000 TO 229200 SO AS TO COMPLETE THE CLEARING PROCESS. FOR MANUAL LINK PAYMENT : CLEARING THE TOTAL PAYMENT FROM EBS TO 229200 A/C .

CLEARING THE VENDOR ACCOUNT TO 229200 SO AS TO COMPLETE THE CLEARANCE PROCESS .

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TRACKING AND CONTROL OF FOREX TRANSACTIONS

THE APPLICABILITY OF TDS AND SERVICE TAX NEEDS TO BE COMMUNICATED TO THE POSTING TEAM WELL IN ADVANCE . DEALS TAKEN FROM THE TREASURY FOR THE FOREX PAYMENTS NEEDS TO BE CLOSED THERE SHOULD NOT BE ANY OPEN DEALS LEFT TO BE CLOSED . FOLLOWING UP WITH THE LOGISTICS AND USERS FOR BILL OF ENTRIES FOR MAKING FOREIGN REMMITANCES FOR MATERIAL PAYMENTS. WORKING ON THE VENDOR AGEING ON A MONTHLY BASIS FOR ALL FOREX TRANSACTIONS .

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Thank You

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