Set up foreign trade

  • 24/04/2024
  • 4 minutes to read

When transferring to foreign accounts, some National Banks requires a number of information. This information can be set up as default values on the vendor.

The payment details must be completed on the vendor form.

How to set up foreign trade information on a vendor

  1. Select the icon Søg efter side eller rapport, type in Vendors, and select the related link.

  2. Select the vendor for whom you want to prepare foreign trade and navigate to Payment Information

  3. In the fast-tab Foreign Trade, fill in as much information as possible.

    Note

    Please note that the information provided for foreign trade will always be applied to the vendor payments. Supplementary notification should only be completed if the text can be applied to all payments of this vendor.

  4. When you have filled in relevant foreign trade information, select OK to close the window.

Below you will find an explanation of the fields available for foreign trade.

FieldDescription
Exch. Rate Type CodeSpecifies the type of exchange rate to be applied to the payments. It's possible to make an agreement with the bank, regarding exchange rates when you pay your foreign vendors. This agreement can be completed on different terms, depending on the bank.
Purpose CodeSpecifies the type of purpose code to be applied to the payments. When a payment crosses the national border, the payment must be reported to the National Bank if the amount exceeds DKK 100,000 / 100,000 SEK / 150,000 NOK. The field is only used for Norwegian, Swedish and Estonian payments
Recipient Country CodeSpecifies the recipient country code that must be applied to the payments. When notifying the the National Bank, the recipient's country code must be provided as payment information. The Country Code from the vendor will per default be generated in this field.
Calculate Entry Based onSpecifies the date on which the entry should be calculated. The date, together with Import Date Formula will be used to calculate the time of entry, when the payment is reported to the National Bank.
Entry Date Calc.Specifies the date formula for calculating the Entry date.
Additional NotificationProvides further information to the National Bank about the products traded.
Cost Type CodeSpecifies who will cover what costs associated with trading abroad.
When payments are transferred abroad, there are costs associated with this. In Cost Type Code, you can specify who should cover which costs. For SEPA payments, there is only the option to choose to share the cost.
Note that new cost type codes can be created. If you create a new cost code, you must ensure that the new code is accepted in the bank. If the code is not valid in the bank, the payment might be rejected by the bank.
Curr. Code (Equivalent Value)Specifies the currency to be used on the balance account. If you want the payment withdrawn from your bank account in a currency other than the currency in which the payment is paid, enter the desired currency code in this field.