How to create System User and Employees in ERPNext

In this video we will learn How to use Forward Contract in ERPNext:

- To begin, go to the Forward Contract List and click on Add Forward Contract.

- Fill in all necessary details such as Booking Reference Number, Contract Amount, Current Rate, Margin, Premium, Booking Rate, and Bank details.

- Choose the Maturity Date and specify the Maturity To party (such as a supplier or customer).

- Click Save and Submit the form to finalize the contract setup.

- forward contract can use through payment entry.

- Go to the Payment Entry list and click on New.

- Select the Party Type and the respective Customer/Supplier.

- Define the Paid From and Paid To accounts (typically a Bank or Cash Account).

- In the Forward Utilization table, select the applicable Forward Contract and enter the Amount Utilized.

- Enter the Amount Paid.

- Enter the Cheque Number and date if bank transfer.

- Click Save and then Submit to complete the transaction.

- to cancel the forward contract

- Navigate back to the Forward Contract List and open the relevant contract.

- In the Cancellation Section, enter the Cancellation Date, Amount, Cancellation Rate, and the Bank.

- Click Add Cancellation Details, then hit Update.

- This action will trigger an automatic Journal Entry for the exchange gain/loss posting, which is visible to the linked System User and related Employee roles with appropriate permissions.

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