Amount1 is a feature designed to ensure accurate postings on bank accounts. This is especially important when handling transactions in different currencies or when fees affect the final amount credited or debited to the account.
Why Amount1?
Traditionally, the amount posted to the bank account was calculated based on exchange rate and amount. With the introduction of Amount1, the system instead reads the NtryRef from the ISO file, which represents the actual amount charged or deposited to the account. This is particularly useful in situations where:
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Transactions involve currency conversion.
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Fees affect the actual transferred amount.
Amount1 ensures that the recorded amount is reflected correctly and addresses how fees are processed (as exchange differences or specified fees) based on file information.
Required Settings
Visma Business:
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Go to Common > Fixed information > Company information.
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Open Payment processing and enable the setting Bank transactions per archive reference/batch when Amount1 is activated.
Aritma Pay:
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Go to Setup > Advanced > Advanced.
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Activate Use Amount1 for incoming payments and/or for settlements.
Important Notes
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Amount1 only works with files in ISO format. It is essential that all files are received in this format for correct use of Amount1.
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For customers processing Cremul files as incoming payment files, Amount1 should not be activated due to the risk of large exchange differences.
About Fees and Currency
When Amount1 is activated, and there is a difference in the recorded amount due to fees, this can be solved by specifying the fee in a dedicated tag in the file. Without this specification, the difference may be recorded as an exchange difference.
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Discuss with the bank the possibility of consolidating fees monthly to avoid impacting individual transactions.
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For transactions in foreign currencies, Amount1 reflects the exact amount credited or debited to the original account. This provides more accurate financial reporting and simplifies currency conversion that previously had to be done manually.