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Sage X3 - Letter of Credit Addon

International business transactions entail various risks from geographical distance, legal disparities, and communication challenges. These complexities often give rise to disputes, particularly when buyers fail to fulfill payment obligations or importers need help with receiving goods as per agreements. In such scenarios, mechanisms like letters of credit or bank guarantees are crucial in assuring both parties. Greytrix Africa's Letter of Credit Sage X3 add-on is designed precisely to enhance transaction security in such instances. By integrating seamlessly with Sage X3 ERP software, this add-on streamlines the process of managing letters of credit, ensuring smoother and more transparent transactions. Its features include comprehensive tracking capabilities, automated document generation, and real-time notifications, all aimed at minimizing risks and enhancing trust in international trade dealings. With this innovative solution, businesses can mitigate uncertainties and focus on leveraging global opportunities more confidently.

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 Greytrix Letter of Credit add-on simplifies Sage X3 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, 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. Also, site draft reports 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 X3

Ensuring precise mapping of data to the necessary documents and minimizing 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 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

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