Forward contract receivable. On the same day, Jerber entered into a 60 day forward contract to sell 68,000 guilders at o forward rote of G1=50.541.Introduction to derivatives and how they are accounted for. A forward exchange contract is an agreement between two parties to swap currencies and may involve a currency pair not readily accessible on the forex markets. In a forward contract, the buyer takes a long position to buy a certain amount of foreign currency at a specified future date. Forward contract receivable. 2 Record the forward contract. 3 Record the entry to revalue the foreign currency account receivable.