Rule 1. There can only be 1 FX rate per invoice cleared in the platform.
What does this mean?
For partners who invoice in local currency with an FX rate to convert to Euro / USD bill currency but the service fee or other items are billed in the invoice currency, we cannot have a clearing export showing the 2 different currencies so the platform will apply the FX conversion at the export stage, creating a delta.
eg: ITOS Colombia invoice in USD but the gross to net breakdown is in local currency (COP) for salary and employer costs with an FX rate to convert to USD, but the service fees and local taxes are billed in USD. The Unified clearing impot sheet can show these as 2 separate FX rate items (COP to USD and USD to USD) but the automation will only use 1 rule and will incorrectly apply the FX conversion to the USD to USD items, creating an imbalance and a delta.
This is also why we cannot clear multiple country invoices (Multiplier / WorkPay and GoGlobal as one import / export and have to clear by individual countries (see Rule 2 below)
Solution: To fix this we need to convert the 1:1 FX rate items on the Salary SS to match the local currency so everything goes through with an FX conversion from COP to USD. eg: convert the service fee and VAT to COP currency on the Sal SS. Alternatively you can fix this at the clearing master export stage by overtyping the export report for the USD > USD items before sharing with FinOps.
Rule 2: Only 1 country per import / Export
What does this mean?
For Partners who invoice all countries on the same invoice with multiple FX rates, these need to be cleared by country individually . (only GoGlobal / WorkPay / Multiplier as of Dec 2024)
Solution: Create 1 import sheet per country, retrieve each country individually as an export report then merge back together to create 1 submission to FinOps. Also amend any local . billable currency issues as per rule 1 as necessary.
Rule 3: As of Dec 2024, the platform clearing tool will apply 2 decimal places on any FX rates
What does this mean?
The invoice and Sal SS may contain FX rates with a high degree of accuracy and multiple decimal places to reach the balanced value from local currency to bill currency giving a 0.00 delta, but when it goes through the import clearing in the platform, the system will round up the FX rate to 2 decimal places. This will create a delta in the value of the invoice items vs the invoice total due
Solution: We will raise this with Product to ask them if the platform can use the FX rates provided, with up to 20 decimal places (or even a minimum of 10 would help) but until this is actioned we will need to correct the delta at the export stage before handing the file over to FinOps by adding a fluctuation entry for the delta, or recalculating the elements to the correct FX rate on the export file / adding the delta value to one of the client bill items so the client pays what was owed.
Rule 4: The headers have to be correct on the import or you will get an error message from the platform.
What does this mean?
There can be no special characters on the import sheet
The element items must all be set up in the platform before attempting clearing - very important if you have added a new element type / payroll provider / country this month
Solution:
Make sure you are pasting the correct headers for that country to the import sheet
Make sure all new countries / providers / elements have been set up with their assigned NS mapping item by product
Make sure there are no special characters / spaces in the headers