AFEX Global Vendor Payments for Businesses
AFEX & WilldooIT are pleased to provide members of the Odoo community with a global vendor payments app
Make payments to global vendors in a foreign currency at a known rate
At AFEX, we have pioneered personalised foreign exchange since 1979, becoming one of today's largest privately owned non-banking providers of global B2B payments and risk management solutions. We are a trusted partner to more than 35,000 businesses and individuals worldwide, helping clients process payments to more than 180 countries around the clock every day.
Our global banking relationships allow us to seamlessly process payments in nearly all major and exotic currencies, across the globe. So rather than needing your own global banking network, you can simply use ours, and employ our expertise to navigate the world of global payments on your behalf.
WilldooIT is Australia's first and only Odoo Gold Partner and most experienced and awarded supplier of Odoo in the Asia/Pacific.
Our in-house team works with businesses across a vast array of industries to provide the analytic, project management and technical skills to ensure your Odoo implementation delivers exceptional value to your business and provides a firm platform for growth.
OPEN AN AFEX ACCOUNT:
Firstly you will need to set up a free, no obligation account with AFEX.
Email integratedpartnershipsAPAC@afex.com to register.
We'll contact you to complete your account set up and answer any questions you may have about
managing your global payments through AFEX. Once your account is activated, you are ready to set
up your vendor's bank details and start booking foreign currency payments!
SET UP VENDORS AS BENEFICIARIES PAID BY AFEX:
- Mark a supplier bank as a beneficiary to be paid by AFEX.
- Enter the supplier's bank account details.
- Synchronise the beneficiary details to AFEX.
- After approval by AFEX, you can book vendor payments to the supplier.
PAY A VENDOR BILL:
- Choose Vendor Bill(s) that require payment.
- Select AFEX Payment as the payment method and obtain a quote for the foreign currency amount.
- Validate the payment to book the foreign currency payment.
- Transfer the quoted settlement amount to AFEX to fund the payment.
- AFEX will send the payment to the vendor via SWIFT on the second business day from the date the payment is booked.
SETUP AND USAGE:
TERMS AND CONDITIONS
Use of the AFEX application is subject to the following terms and conditions:
AFEX Global Vendor Payments for Businesses
This module allows vendor banks to be synchronised with AFEX to create AFEX Beneficiaries. It also allows payments within Odoo to book payments to vendors through AFEX.
You must have an AFEX account, and request/receive an API Key from AFEX before this module can be used. AFEX's terms and conditions apply.
AFEX homepage: https://www.afex.com/
Settings > Users & Companies > Companies > General Information Tab
For each Odoo defined company which will trade with AFEX:
- AFEX API Key - Supplied by AFEX and entered here.
Accounting > Configuration > Journals
A new Cash Journal can be created which will be used for AFEX payments. A single journal will suffice if settlement will always be in the local currency. If settlement will be made in other currencies, then a journal will be required per currency. The settlement currency is the currency used to pay AFEX, not the currency used to pay the vendor.
- Default Debit / Credit Account - G/L account for AFEX clearing.
Should be set up as a non reconcilable liability account which is reviewed periodically. It could also be a revenue or expense account. The balance which accumulates in here will be the difference between the Odoo anticipated settlement from stored currency rates, and the actual settlement value to AFEX. It may be treated as a straight expense, or it may be allocated to other areas of the accounts.
- Currency - Leave blank for settlement in the company currency,
or enter a currency if settling in another in-between currency. The payment will use the currency from here when posting to the clearing account defined above.
AFEX Journal - Enabled.
- AFEX Invoicing Partner - This is the partner to which the liability
will be posted when making an AFEX trade.
AFEX Fees Account - Select an account for expensing AFEX fees.
- Direct Debit Journal - If this journal settles in Australian
Dollars, then settlement can be by direct debit. Choose the Odoo Journal used for direct debit payments if you wish this to use this option. The account number for direct debit payments will be picked up from this journal.
- Direct Debit by Default - Enable this if you want direct debit to
be the default settlement option.
- Debit Methods - None should be selected.
- Payment Methods - Enable manual.
Partner > Sales and Purchases Tab > Bank Account(s)
Vendors have an option available against their bank accounts to allow them to be marked as bank accounts to be associated with AFEX. There should only be one for any currency for a given vendor.
- AFEX Beneficiary
Other values will depend on the beneficiary. Generally, attempting to sync beneficiaries with incomplete information will tell you of missing required data, but it varies due to many factors.
- AFEX Corporate - If the beneficiary is not an individual.
- AFEX Bank Country
- AFEX Intermediary Bank Country
- AFEX Sync Information - Various values.
Other required values are picked up from the partner address area.
Partners have an AFEX Sync option available in their Action Drop Down to allow the Partner and their Bank Accounts to be synced to AFEX, which will create AFEX Beneficiaries.
- AFEX Sync
The AFEX Beneficiary should be confirmed by AFEX before any payments are made.
A general indication of the status is shown on the Sales and Purchases Tab.
- AFEX Status - Either Sync Needed or Synchronised.
Settings > Technical > System Parameters
The URL defaults to the live URL (https://api.afex.com:7890/api/). If need be, it can be changed in the System Parameters.
- Key - afex.url
- Value - the URL (e.g. https://demo.api.afex.com:7890/api/)
Accounting > Purchases > Vendor Bills > [Open Bill] > Register Payment or Accounting > Purchases > Vendor Bills > [Select Multiple] > [Action Drop Down and Register Payment]
To make a foreign currency payment using an AFEX Journal for a vendor who has an associated confirmed AFEX Beneficiary. Choose the correct payment journal, which will determine the settlement currency. The payment amount and currency can be chosen. If part or overpaying a single bill, an option will be given to choose if the balance is to be kept open or if it is to be written off.
Retrieving a quote, the system will retrieve the exchange rate from AFEX and display the payment amount conversion using the exchange rate. Quote information is displayed on the payment screen.
If applicable, the AFEX fee amount(s) and currency will be displayed as well.
Each Payment Quote is valid for 30 seconds.
The Re-Quote button on the payment screen can be used to refresh the quote.
When the payment is Validated, the system will send information to AFEX to book and schedule a payment to the vendor.
The vendor will be marked as paid to the level selected, and a bill will be raised to the AFEX partner. Any fee(s) in the same currency as the settlement currency will be included in the same bill. Otherwise, separate bill(s) will be raised for the fee(s).
Information about the booked payment will be displayed on the AFEX bill, and on the Odoo payment record.
To ensure the foreign currency payment can be sent to the vendor on the scheduled date, you must remit settlement funding for the payment to AFEX within 24 hours of booking the payment.
Upon AFEX receiving payment, the booked payment to the vendor will be confirmed for the scheduled time.