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How do I record a bank guarantee?

Raise the request on Request for Letter of Guarantee; when the bank issues it, record it on Letter of Guarantee and pick the request. Both are registers: neither posts, so the margin and charges are posted on their own documents.

Screen
Cash & Bank › General › Request for Letter of Guarantee; Letter of Guarantee
Who
The team that needs it; the treasurer
Takes effect
On Save; nothing posts
Needs first
Bank, Bank Facility Group, Bank Facilities, Bank Facility Agreement

Before you start​

Steps​

  1. Open Request for Letter of Guarantee and fill Date, Facility Group, Facility Type, Currency, Value, Date From and Date To, Beneficiary Type and Beneficiary no. Save.
  2. When the bank issues it, open Letter of Guarantee. Pick the Request No: its details fill in and lock. Fill Posting Date, Value, Agreement, Bank, Bank Reference No, Date of Expiry, Claim Date, Margin and Expense. Save.

If something looks wrong​

  • "Date From cannot be greater than Date To." On the request: correct the period.
  • The guarantee is over the facility limit and was saved anyway. Limits are not checked.
  • The guarantee is not in the general ledger. Expected.