POL00001272
POL00001272
SSC Offline KELs Monday 19 Mar
HORIZON KEL AChambers2252R
KEL type: Information
Title: Discrepancy after reversing a Bureau de Change transaction
Summary: Discrepancy after reversing a Bureau de Change transaction
Raised: by Anne Chambers on 06/12/2005
Last updated: — by Anne Chambers on 06/12/2005
Release: S80
System product: Counter
Keywords: foreign currency bde discrepancy discrepancies"
Status: Authorised
Visibility: Medium
Version: 1
Symptoms
PM sold some foreign currency (1000 Euros, sale value £750), but then realised it had been settled to the
wrong product (cash instead of debit card). So he used Existing Reversal to reverse the transaction, and
then redid it correctly.<br><br>When he came to balance at the end of the Trading Period, his currency
stock holding on the system was too high by 1000 Euros. When corrected, this gave him a gain on
currency of £720 and a cash loss of £750 - a net loss of £30
Problem
Foreign currency transactions consist of two parts: the currency itself, which has a value based on the
exchange rate, and margin, which is added to cover the cost of the transaction.<br><br>When the
transaction was reversed, the PM entered the transaction id for the cash settlement part of the transaction.
So although he thought he had reversed the whole transaction, he had not.<br><br>When the stock unit
was balanced, the wrong number of Euros became apparent. The stock holding was corrected by the
declaration of the actual number held. But this does not correct the margin, which is generated as part of
the currency sale and is not directly linked to the stock.
Solution - ATOS
If a PM reports a loss connected with a currency transaction that was reversed, it is possible that the
reversal had not been carried out successfully.<br><br>Ask the PM to check the Reversal Receipt. If this
shows<br><br>Cash FROM CUSTOMER 750.00<br>Cash TO CUSTOMER 750.00<br><br>they have
reversed just the cash settlement part of the transaction, which has no overall effect. The currency and
margin part of the transaction has not been reversed.<br><br>Do a transaction log search using the Session
Id from the original receipt, or by date/time.<br><br>This should show 3 elements - for example<br>
<br>2-29826-2 SC Euro 1- 720.00-<br>2-29826-2 SC Curr Sell Margin 1- 30.00-<br>2-29826-3 SC Cash
1 750.00<br><br>The element which should be reversed is 2-29826-2 (i.e. Euros and margin). As long as
the PM has not yet rolled over the stock unit, they should be able to reverse this transaction now.<br>
<br>If the stock unit has been rolled over, NBSC will have to advise on what can be done to resolve the
F/316/1
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system loss relating to this transaction.
F/316/2