Release 390: Bill of Exchange - Letter of Credit for Creditor (French and Moroccan Legislations)
Background
Introduction
When making an invoice payment using the Letter Of Credit (LOC) payment method, the common business practice in France and Moroccan required that financial entries to be generated when processing the invoice, accepting or rejecting the LOC issued. It is also important to have the option to reverse the invoice authorization after it has been authorized, reject the LOC at the LOC issued stage, and reject the LOC after it was accepted.
In this implementation, the system has been enhanced for the French and Moroccan legislations to improve the handling of prepayments or invoices with LOC payment method such as:
- Authorize invoice/prepayment
- Reverse authorize invoice/prepayment
- Process invoice/prepayment to issue LOC
- Accept/reject LOC
Menu path
What has been changed
In the Payables Print screen, select the type as Letter of credit. The filtering options consist of the following:
- Prepayment: Shows prepayment terms.
- Invoices: Shows invoices with open or rejected status.
- Prepayment + Invoices: Shows invoices and prepayment terms. Mainly for grouping the payment into one LOC to be issued.
- Authorized: Shows authorized LOC invoices.
- LOC Issued: Shows processed LOC invoices.
- Rejected: Shows rejected LOC invoices.
- All: Shows invoices in all statuses.
New radio button for Prepayment + Invoices has been added. LOC issued and Rejected radio buttons have been renamed. All LOC invoices must be authorized first.
This is the new Process screen. LOC number is a system running number according to the cash instrument being used. User can change it or use the auto generated LOC number by system. Beside the LOC number field is the LOC number used for previous term. The printing will continue after clicking the OK button.
This is the new Accept/Settle screen. To know how these new screens are incorporated in the LOC process for French and Moroccan legislation, see Overview of Letter of Credit functionalities for French and Moroccan legislations
Related document
| Main Category: |
Support Product Know How |
Document Type: |
Release notes detail |
| Category: |
Release Notes |
Security level: |
All - 0 |
| Sub category: |
Details |
Document ID: |
16.744.627 |
| Assortment: |
Exact Globe
|
Date: |
11-05-2017 |
| Release: |
390 |
Attachment: |
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| Disclaimer |