What is Required to Setup IC Netting?

IC Netting is an incredibly helpful feature of FXpert. Setting up for the first time may be a bit daunting, but it will be a breeze if you know what is needed. The following is a list of requirements to setup IC Netting.

1. Parent company needs to be created and built into FXpert.
2. Subsidiaries need to be saved to the account (Contact your Account Executive to complete)
3. Subsidiary currencies need to be approved and in place to be sent or received
4. Default sending and receiving beneficiary for each subsidiary currency
5. Create a netting period
6. Functional currency has to correlate with the trade being made (ie. USD->JPY, but functional currency is EUR will cause error)
7. Paying and receiving entity names must match the main entity code, not its tags.
8. To avoid issues with cell specific formatting, ensure all cells are formatted as Text, with the exclusion of the dates in column F (needs to be formatted as Date)
9. Upload or manually enter the following information (Data must begin in row 1, column 1, no headers):
   • Column A - Paying Entity
   • Column B - Receiving Entity
   • Column C - Transaction Currency
   • Column D - Transaction Amount
   • Column E - Transaction Number
   • Column F - Transaction Date
   • Column G - Optional Data - 4 fields (Not required)
   • Column H - Optional Date (Not required unless used for blanket acceptance)

Once you have all of this information ready and approvals submitted for currencies and subsidiaries, you will submit all the information from #6 in an excel doc to upload it. You could alternately click manual entry and enter them manually as well, but the upload feature will be the simplest way to handle it. You can download the sample of the IC Netting Upload Sheet below. Be sure to remove/replace the information in the cells that clarify the order it needs to be entered.