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Letter of Credit (Sage X3 Add-on) - Round image

Seamless Trade Protection with Sage X3 Letter of Credit Add-on

International business transactions come with various risks due to geographical distances, differing legal systems, and communication hurdles. These challenges can often lead to disputes, especially when buyers do not meet their payment commitments or when importers encounter difficulties receiving goods as agreed upon. In these situations, tools like letters of credit or bank guarantees become essential for protecting both parties involved. Letter of Credit Sage X3 add-on is designed to improve transaction security in these cases. By integrating smoothly with Sage ERP software, this add-on simplifies the management of letters of credit, promoting more efficient and transparent transactions. Its features include detailed tracking, automated document creation, and real-time alerts, all aimed at reducing risks and building trust in international trade. This cutting-edge solution allows businesses to navigate uncertainties and confidently pursue global opportunities.

Feature of Letter of Credit Add-On for Sage X3

Managing the Life cycle of a Letter of Credit

Greytrix Africa’s Letter of Credit add-on for Sage X3 streamlines the entire process, from documentation to financial tracking. It manages various aspects, including currency, amount, duration, expenses, and cancellation fees.

Inward and Outward Letter of Credit

The Letter of Credit add-on simplifies Sage ERP software import processing. It offers opening, document processing, expense recognition, margin addition, invoice settlement, shipment facility addition, and currency tracking. Exporting processes are also efficiently managed. Features include shipment schedules, LC amendment process, packing lists, accounting transactions, bill purchases, and courier tracking.

Report Extraction

Sage X3 Letter of Credit offers reports on key performance metrics like dates and transaction costs. This helps assess third-party entities like forwarders, carriers, and banks. Site draft reports also show detailed inward and outward LC data.

User Configurable Data Fields

Setting up a Letter of Credit is straightforward. The setup screen offers customizable data fields, such as LC/BG Journal, LC/BG Journal Entry Type, LC Supplier, LC Account, and Contra Bank Guarantee Account, that can be tailored to specific requirements.

Bank Guarantee Master

Bank Guarantees can be created without a Purchase Order. Using a counter, you can add expenses and keep track of renewals. In addition, analytical dimensions can also be applied.

Bank Guarantee Transaction

This add-on has two types of Bank Guarantee transactions: standard and Expense. Expense transactions affect the expense account and can be adjusted up or down. If a bank guarantee is not closed, multiple transactions can be applied.
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Benefits of Letter of Credit Add-On for Sage ERP Software

Ensure precise mapping of data to the necessary documents and minimize data duplication.

Monitor critical events such as the latest shipment and expiration dates.

When inventory is received, the expenditure of the letters of credit is calculated and distributed, and the cost prices are recalculated accordingly.

Extracting the cost report of LC.

Easily carry out multiple transactions through a simple process.

Integration of automated backend accounting.

Automated PI (Purchase Invoices) and Invoices.

User access controlled functions

Unraveling
Your Queries

The Letter of Credit Addon from Greytrix Africa makes managing Letters of Credit a breeze right within Sage ERP software. It streamlines the entire LC process, from creation to closure, making it easier for businesses to handle imports and exports while minimizing financial risks.
Yes! This solution caters to both inward LCs tied to sales and outward LCs associated with purchases, enabling companies to oversee various trade transactions within a single Sage X3 environment.
The LC Addon integrates seamlessly with the Purchase, Sales, and Finance modules in Sage X3, providing real-time insights into LC costs, approval processes, and financial entries.
Users can produce comprehensive LC reports that include status updates, expiration timelines, cost breakdowns, utilization rates, and profit margin analyses. It ensures you have a clear view and control over your trade finance activities.

Greytrix Africa provides thorough implementation support, which includes configuration, user training, and ongoing assistance after deployment, making it easy for your finance and operations teams to get on board with the solution. For more queries, contact sales@greytrix.com

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