AFEX Global Payments for Businessesby WilldooIT Pty Ltd https://www.willdooit.com
|Also available in version||v 10.0 v 11.0 v 12.0|
AFEX Global payments for businesses
AFEX is pleased to provide the Odoo community with a global payments app!
Fast, efficient payments to your global vendors in their local currencies!
At AFEX, we pioneered personalized foreign exchange. As one of the world's largest non-bank providers of global B2B payments and risk management solutions, we're a trusted partner to more than 35,000 businesses and individuals worldwide.
We facilitate payments in more than 100 currencies to 180 countries across the globe. Our solutions are cost-effective, secure and strategic. Our global payments infrastructure is supported by 40 years of cross-border payments and FX markets expertise.
Using the AFEX app, you can access a live exchange rate in virtually any currency, validate your vendor's banking details, and schedule your payment. Your vendors receive the correct amount in their currency, and you'll be able to see the cost in yours.
OPEN AN AFEX ACCOUNT
To make payments using the AFEX app you will need to set up a free, no obligation account with AFEX.
CLICK HERE and we'll contact you to complete your account set up and answer any questions you have about managing your global payments through AFEX.
SET UP VENDORS AS BENEFICIARIES PAID BY AFEX
With the AFEX app, you can automatically validate vendors' banking details
- Enter the supplier's details and banking information.
- After approval by AFEX, you can book your payments to the supplier.
PAY A VENDOR INVOICE
- 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 from your bank or funding balance to AFEX to fund the payment.
- AFEX sends the payment to the vendor via SWIFTâyour vendor receives it within two business days.
TERMS AND CONDITIONS
Use of AFEX services is subject to terms and conditions that vary by jurisdiction.
Please click on the link below to read the terms and conditions for your location.
AFEX Terms and Conditions
If you don't see your jurisdiction listed, click here to request a call back.
AFEX Global 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/
Accounting > Configuration > Settings > Configure your company data > Configuration Tab or Settings > Users > Companies > Configuration Tab
These settings must be set 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.
- Journal Entries
- 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.
- Advanced Settings
- Debit Methods None should be selected.
- Payment Methods Enable manual.
- Journal Entries
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 wity 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://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.
Please log in to comment on this module
- The author can leave a single reply to each comment.
- This section is meant to ask simple questions or leave a rating. Every report of a problem experienced while using the module should be addressed to the author directly (refer to the following point).
- If you want to start a discussion with the author, please use the developer contact information. They can usually be found in the description.