Letter of Credit
A record of one letter of credit: the bank document number, the issuing and advising banks, the shipment terms, the facility it uses and its status. It is a register: nothing posts from it and it is linked to no purchase or sales document.
What it is for
It keeps the terms of a letter of credit in one place for follow-up.
The rule people get wrong: it does not post margin or charges, and it does not reduce the facility. Utilized Amount and Facility Balance are typed, not worked out.
Every field in plain words
General Information
| Field | What it means | What to put |
|---|---|---|
| Bank Document Number | The letter of credit number, and the record's key | Required. Save refuses a number already used |
| Application Date | When it was applied for | Required |
| Date of Receipt | When it was received | Optional |
| Expiration Date | When it expires | Optional |
| LC Type | The kind of letter of credit | Picked from the list. Not kept when you save in this version |
Bank Details
| Field | What it means | What to put |
|---|---|---|
| Account Number | The company's bank account | From Bank Accounts |
| Issuing Bank | The bank that issues it | Typed |
| Advising Bank | The bank that advises it | Typed |
Shipment Details and Shipment Terms
Shipment Number, Shipment Status (from the list), Confirmed Receipt Date; Partial Shipment and Transshipment (allowed or not), Port Of Loading, Latest Shipment Date, Destination Port, Description Of Goods, Payment Term. All recorded only.
Financial Information
| Field | What it means | What to put |
|---|---|---|
| Agreement | The facility agreement | From Bank Facility Agreement. Picking it brings the facility, its limit, the issuing bank and the bank account. Every agreement line is offered. The Agreement itself is not kept when you save in this version |
| Facility Type | The facility | Filled from the agreement, or typed |
| Facility Limit | The limit of that facility | Filled from the agreement |
| Utilized Amount | How much of the limit is used | Typed |
| Facility Balance | What is left | Typed |
Additional Details
Bank Document Type and Bank Document Status (from their lists); Margin Account (a percentage) and Charges Account (an amount), despite their names both are figures, not accounts.
How to configure it
The screen allows Create, Edit and Delete.
What it is connected to
If something looks wrong
- LC Type or Agreement is empty when I reopen the record. Neither is kept in this version. Note them in Description Of Goods or another kept field.
- The letter of credit is not on the menu. It has no menu entry in this version.