Forex

This page describes the Forex Protocol of Open Treasury.

Any entity that maintains a fund repository of the Open Treasury, maintains a multi-currency account known as Forex Account.

This provides the ability to perform any transaction between affiliates while keeping a traceable record of the mind map employed for the accounting event to match any regulatory compliance. Any mind map establishes an in-depth accounting narrative of the values when different types of variables are involved in the exercise of counting ‘values’ for the Muellners Foundation group.

ApS and MI both hold a Forex payment service account. See treatment. Since MI is not a resident company in Europe, it sets up a forex payment service account through registration of an ‘Other’ company type: Muellner Europe.

The balance account statement can be used for provisional reconciliation of accounting b/w affiliate entities during a single fiscal year or consequent fiscal year(when different accounting calendars are used, both 12 months or more, e.g. in the event of the first fiscal year)

This allows for seamless reconciliation between different accounts. This allows for a filter, segregation or componentisation of bank-to-bank transactions b/w entities and accounting records of such transactions in the ongoing consolidation exercise. Therefore, any controlled transaction between two affiliate entities must be undertaken with caution, specifically when encompassing two or more accounting calendar years.