1 Reply by lp

(2 replies, posted in Announcements)

THOUGHTS - Stablecoins in Front Accounting

Just thought I would make a few more comments about the inclusion of a XRPL payment link in sales invoices.

Personally I think this is a very significant development. This paves the way for FA users to get paid in stablecoins on the XRPL. Ultimately, I belive all accounting systems will eventually incorporate some form of blockchain stablecoins into their accounting systems. Whether it is XRPL or some other blockchain or more likely, a combination of blockchains, this will be the way accounting packages will move. And, may I say, FA has taken a pioneering step by embedding XRPL stablecoin payments directly into its sales invoicing system.

How I see this working in FA. Probably to start with, a FA entity could agree with a supplier or customer that payments will be made in RLUSD for goods and services, between the two. This allows for immediate and confirmed settlement of the invoice. If the receiver also has agreements with it's suppliers to use RLUSD, transfer can easily be made, anywhere in the world with next to zero cost. No dealing with banks.

If the FA entity needs to convert the RLUSD to their local currency, than the RLUSD can be converted to XRP through the XRPL DEX and RLUSD AMM (automated market maker) with guaranteed settlement. That XRP can be sold on the FA entity's local exchange for local fiat. The reverse could occur should the FA entity want RLUSD for payment of suppliers or employees. Overall the friction is very very low. Payment can occur online or locally anytime anywhere in the world.

Even just invoicing retail customers, it is not too difficult for them to setup Xaman on their phones, buy some XRP, send to their Xaman wallet, convert to RLUSD (or any other stablecoin) and start making payments of FA Sales invoices on their phone. 

Systems are presently being built that will also allow holdings of XRPL currencies to generate yeilds and returns through entities like Firelight on Flare blockchain. These options will expand. Thus excess XRPL currencies held in accounts, could be used to generate income through mechanisms on other blockchains.

Even though I have used RLUSD as an example, any stable coin on the XRPL could take it's place, such as the USDC stable coin issued by USDC on the XRPL. This could be swapped to USDC on the Uniswap chain for further use cases.

Overall, I think there is a signficant capacity and capability advancement with the inclusion with XRPL payment links on FA Sales invoices.

Go to forum: Announcements

2 Reply by lp

(2 replies, posted in Announcements)

Incorporation of XRPL Stable Coins

This update includes two XRPL payment links (USD & EUR) for use when printing sales invoices.

This allows instant payment of those invoices by (for e.g. RLUSD or USDC & EURQ) stable coins on the XRPL using the Xaman app (free).

Additional payment links could easily be added for any stable coin on the XRPL (e.g. AUDD, XSGD) or any other token for that matter. Reply to this message with any such requests.

Instructions for setup and use of the above payment links can be found at Wiki Bank Accounts and Wiki Sales.

Go to forum: Announcements

3 Topic by lp

(0 replies, posted in Accounts Receivable)

Building on top of previous XRPL XRP payment link work on sales invoices, stable coins can now be included as a payment link.

With the introduction of stable coins on the XRPL I have created a payment link on the sales invoices so that they can be paid instantly on any stable coin on the XRPL ledger.

I have a working version for USD (can be any USD stable coin e.g. USDT, USDC, RLUSD etc) working on my FA system. Just gauging interest in other stable coins to be paid, e.g. EUR, GBP, SGD, AUD. Let me know your thoughts.

Thanks

Go to forum: Accounts Receivable

4 Reply by lp

(1 replies, posted in Installation)

I asked CoPilot for some help on setting up FrontAccouting on a Synology and it pointed me directly to your post. I'm no IT guy or DB guy but thanks to your instructions, I was able to setup FA on my synology.

I had a little issue with using the correct DB name and password, but you instructions were spot on and worked for me.

So thanks!!

Go to forum: Installation

5 Reply by lp

(8 replies, posted in Banking and General Ledger)

Yep, counterparty risk is a valid concern when using any stable coins on the XRPL.

I'm waiting for Flarenetworks to finish their building of the Flare Network protocol as they potentially have a solution to counterparty risk, with onchain data feeds, collateralisation of assets, fast and secured transfers, lower fees and a trustless protocol.

If you could add a BTC payment link option to FA invoices, that would be brilliant.

Go to forum: Banking and General Ledger

6 Reply by lp

(8 replies, posted in Banking and General Ledger)

I agree it would be great to build a module for exporting supplier payments to payment generators.
It's a feature that would greatly enhance usability of FA.
I'd like to see these modules remain free in FA as I think there needs to be a free accounting software package that can be used by people that don't have the financial resources.

My desire is to have FA be able to invoice in stable coins so that anyone can use any currency, irrespective of what country they reside in. If everyone used FA and XRPL stable coins (USD, GBP, EUR, AUD etc) there would be no need for banks, 24 hour access to financial payments and cheap financial transactions.

Go to forum: Banking and General Ledger

7 Reply by lp

(6 replies, posted in Wish List)

I'm interested in utilizing the existing stable coins on the XRPL, such as USD, EUR, GBP & AUDD. Not so much USDT as it would involve a lot more integration work than I am capable of. I think the XRPL in that regard is a lot easier to work with.

Cheers

Go to forum: Wish List

8 Reply by lp

(8 replies, posted in Banking and General Ledger)

Thanks for the feedback and comments.

I have a few ideas I'd like to implement but just don't have time at present, I think the technology is there to make it all work for Front accounting.

- Creating a FA  ISO 20022 export file would work with Dallipay for all XRPL currencies. Thus you could make payment to all suppliers with one export file, on the XRPL.
- That export could also be used for standard bank payments too.
- RadyDynamics XRPL Checkout allows FA orgs to fully host their own invoice payment submissions to the XRPL via Xaman (Xumm). This would assist in maintaining control customizing invoice link payment processing.
- XRPL currencies include USD, EUR, GBP via Gateio who is reputable so low counterparty risk. I have in my mind how this could be implemented so the FA entity could issue invoices in those currencies with those currency payment links. Other currencies exist too such as AUDD.
- With existing and new features coming onto the XRPL, payment of customer invoices could be seem less, i.e. it wouldn't matter what currencies the customer has, it could be seem less payment into the invoice currency with automatic pathfinder and the AMM.
- Currency balances and transactions exports of XRPL via Dallipay could be imported and ease transaction processing.

In essence I think the technology is there, to run a multi currencies account on the XRPL and integrated with FA, avoiding Bank restrictions and costs.

The biggest downside is that both parties to the invoice transaction need to have an XRPL account. If both the entity and customer are willing to do this, financial transactions would be a breeze for both parties.

Cheers

Go to forum: Banking and General Ledger

9 Reply by lp

(6 replies, posted in Announcements)

Thanks Joe. Announcement has been updated. And good move/change for preparing for future extensions.

Go to forum: Announcements

10 Reply by lp

(6 replies, posted in Announcements)

I think the bank name should be set as 'XUMM XRP'

That way when new functionality comes in with say USD, it could be appropriate to use 'XUMM USD' as another payment option.

Go to forum: Announcements

11 Reply by lp

(6 replies, posted in Announcements)

I like kvvaradha's suggestion to use the Bank Name instead of the Bank Account Name as the search parameter for the XRPL bank account number.

This will allow users to not be restricted with the setup of the bank account name in the FA.

Go to forum: Announcements

12 Reply by lp

(7 replies, posted in FA Modifications)

Thats a good point kvvaradha and would be an improvement.

Go to forum: FA Modifications

13 Topic by lp

(6 replies, posted in Announcements)

Announcement

Happy to announce a little milestone in the evolution of Front Accounting - the integration of blockchain technology to facilitate secure and efficient payment processing of sales invoices.

This update leverages the native digital asset 'XRP', as the primary cryptocurrency for payment processing. XRP digital asset is the native digital asset (cryptocurrency) of the XRP Ledger (XRPL), being a robust and scalable blockchain built for payments processing. It is hoped that other currencies (USD, GBP, EUR etc) on the XRPL will be incorporated in the not-too-distant future.

Payment Processing - Insight

Upon receipt of an invoice, customers will now have the ability of clicking the payment link at the bottom of the invoice to initiate payment through the customer's XUMM app. Using the power of the XRPL and XUMM app, the customer can securely make payment of the invoice, with XRP, in a matter of minutes of receiving the invoice, at any time, from anywhere in the world, without any bank intermediary.

Prerequisites for Utilization

XUMM Wallet App

  • The customer is required to have a XUMM app (free) installed on their phone from either the Apple or Google store. They will need to have an account on the XRPL with sufficient XRP to make payment of the invoice. XUMM App can create an account on the XRPL and XRP will need to be transferred into the account before that account becomes active.

  • The FA entity issuing the invoice also needs to have the XUMM app and an XRPL account setup on the XRP ledger.

Front Accounting - Setup

  • A new bank account will need to be setup. The 'Bank Name' must be 'XUMM XRP' as the payment link looks for this in the Bank Name field in order to extract the XRPL account number.

  • The entity's XRPL account number must be input into the XRPL Account's 'Bank Account Number' field. XRPL Accounts numbers typically look like rhotcWYdfn6qxhVMbPKGDF3XCKqwXar5J4. For example, the previous wallet address is the hot wallet address of crypto exchange Gatehub. You can copy and paste your XRPL account number from XUMM app into the 'Bank Account Number' field.

  • A 'XRP' currency must be setup so that XRP/Home Currency exchange rates can be input for link generation on printing of invoices.

  • Prior to any invoice printing with the payment link, the XRP / Home Currency exchange rate must be input as at the day of invoice printing. If there is no exchange rate input, attempting to print invoices with the XUMM XRP payment link will fail.

Front Accounting - Invoice Printing

  • Invoices are generated as per your normal processes within FA

  • To print invoices with the XUMM payment link, go to 'Customer and Sales Reports' of the 'Sales module'. Select "Print Invoices', select your Home Currency. In the dropdown box of the Payment Link, select "XUMM XRP'.

  • In the 'Comments:' box insert any commentary you would like to appear under the XUMM payment link. Such commentary may be 'Insert invoice number into the 'Memo' field of the XUMM payment'

  • Press the 'Print Invoices' button and your invoices will be printed and/or emailed with the XUMM payment link on the bottom.

Final thoughts and considerations

  • If you would like to see what the payment link looks like, I have attached a test company invoice with the link, to this announcement.

  • Although this payment link enables the capacity for payment of invoices by anyone, anytime from anywhere in the world in less than a minute, there is still one final step needed if you want cash transferred into your home currency bank account. You will need to use a local cryptocurrency exchange to exchange XRP into fiat and then transfer into your bank account. There are several on/off-ramp providers within Xumm to allow easy conversion of XRP in and out of your bank account.

  • Invoices are generated with the exchange rate at date of printing. Should your customer decide to make payment some time after receipt and the exchange rate has changed, you will receive more or less than your home currency amount on the invoice, depending on the movement of exchange rate. Exchange rates are fixed on the invoice and don't automatically adjust for the when the customer makes payment.

  • The XRPL has capacity for making payments in fiat backed XRPL digital assets such as USD, GBP, EUR and others. Future developments of FA will hopefully bring payment links options with these digital assets in mind and overcome the above exchange rate risk.

Go to forum: Announcements

14 Reply by lp

(7 replies, posted in FA Modifications)

Hi Apmuthu, just wondering if you have had an opportunity to review/test the proposed amendment?

Thanks

Go to forum: FA Modifications

15 Reply by lp

(7 replies, posted in FA Modifications)

I've attached a dummy invoice generated with the Xumm payment link to the original message. 

Screenshot of link at bottom of invoice attached to this message.

Go to forum: FA Modifications

16 Topic by lp

(7 replies, posted in FA Modifications)

I've created a pull request for the Xumm payment link to be added to be committed to the main repository on GitHub.

I'm no coder but the proposed works fine. I would appreciate if it could be reviewed, checked and confirmed ok, to be committed.

Not sure if the process to update documentation to explain process.

Would like to look at exporting supplier payment file next, has anyone done any work in that regard?

Thanks.

Go to forum: FA Modifications

17 Reply by lp

(6 replies, posted in Wish List)

That's great what you have done and I'm super impressed. Wish I could do something like that.

For someone like me, a one click install is all I'm really capable of. I'm just dabbling in this stuff at the moment, so I don't need to deploy as yet.

I agree that FrontAccounting should be focused on accounting development, though:

- capacity to auto add a Crypto QR Code payment to an Sales invoice would be nice
- capacity to auto read a Crypto ledger for payments received data and match AR invoices would be nice
- capacity for FA to auto read an AP email account and auto import payment data would be nice
- capacity to export a payment file to standard bank import or crypto import would also be nice

Thanks for your response. It was great to hear what you have done.

Go to forum: Wish List

18 Topic by lp

(6 replies, posted in Wish List)

The world and accounting systems are moving to simplified payments with the integration of XRPL into existing accounting systems.

This video summarises the issues being addressed and how it is being addressed. I think this would be a great feature for FrontAccounting.

https://www.youtube.com/watch?v=WGuKhgZUo8o

Go to forum: Wish List

19 Reply by lp

(8 replies, posted in Banking and General Ledger)

See this video of one developer leading the process of integration of crypto payments into accounting systems worldwide.

https://youtu.be/WGuKhgZUo8o

Go to forum: Banking and General Ledger

20 Reply by lp

(8 replies, posted in Banking and General Ledger)

https://github.com/radynamics/CryptoIso20022Interop

Go to forum: Banking and General Ledger

21 Topic by lp

(8 replies, posted in Banking and General Ledger)

I recently saw a post on twitter (see below) regarding a developer that was setting ISO 20022 compliant payment processing system for XRP / XRPL.

I'm thinking this sort of payment arrangement is the way of the future and would allow convenient banking access to anyone using FrontAccounting.

In short, this guy has setup some software (on Github) that will process multi-payments (via the XRPL - possible in various currencies however transferred in XRP) via an exported csv file from an accounting system. Likewise, the software will allow for the download of transactions from an XRP account and export into a csv file for import/processing into the accounting system. This is to be done in the upcoming compliant format per ISO 20022. 

Just wanted to put it out there and see if anyone else has some thoughts on creating import/export csv's for FrontAccounting, that would allow convenient processing of payments and receipts via XRP/XRPL in a compliant upcoming banking format i.e. ISO 20022.

https://twitter.com/SchlaubiD/status/1536282159601926148?s=20&t=s3wKS9nSjm5-hg_UTILheg
https://youtu.be/-u307nu72SQ
https://t.co/OGZajUPYML
https://t.co/uq7XP8rraw

Cheers

Go to forum: Banking and General Ledger