Greytrix with its Letter of Credit (LC) add-on for Sage Enterprise Management (Sage X3) creates a better sense of assurance in such international business transactions. There are two types of letter of credit.
- Inward LC
- Outward LC
Check Now: Guarantee transactions between buyers & sellers with Letter of Credit Add-on for Sage Enterprise Management (Sage X3)
In this blog, we will see the “Outward LC”.
- In Outward LC Flow, you can provide an LC to the supplier on the purchase order.
- This required basic LC setup where you can select folder, Journal entry type etc. as desired.
- Then in Outward LC screen, you can select PO in LC.
- When LC is approved, it will be available to create LC transaction.
- The cancel journal button allows you to reverse the journal entries created on LC.
- You can create LC transaction by selecting LC No. from left list and entering LC charges.
- Transaction Nature for LC Transaction can be Increase or Decrease.
- After creation of LC transaction user needs to post it, because if user does not post the transaction user will not be able to do cost allocation of that transaction.
- On posting, the LC account is debited and Bank account is credited with (Transaction Amount)
- When you click on ‘cost allocation’ in Outward LC , a duplicate purchase invoice will be created automatically with the total unallocated charges amount on the PO using the Default Cost Allocation BP
- After cost allocation process, Click on close to close the outward LC transaction and it will create another journal entry
Similarly, you can create Bank guarantee & the only difference here is that you can enter different expense accounts for each BG charges. Rest of the process is same as LC. We have also created detailed and summary reports for LC and BG.
Hope this blog helps!
Greytrix – a globally recognized Premier Sage Gold Development Partner is a one-stop solution provider for Sage ERP and Sage CRM needs. Being recognized and rewarded for multi-man years of experience, we bring complete end-to-end assistance for your technical consultations, product customizations, data migration, system integrations, third-party add-on development and implementation expertise.
Greytrix caters to a wide range of Sage Enterprise Management (Sage X3) offerings – a Sage Business Cloud Solution. Our unique GUMU™ integrations include Sage Enterprise Management (Sage X3) for Sage CRM, Salesforce.com and Magento eCommerce along with Implementation and Technical Support worldwide for Sage Enterprise Management (Sage X3). Currently we are Sage Enterprise Management Implementation Partner in East Africa, Middles East, Australia, Asia. We also offer best-in-class Sage X3 customization and development services, integrated applications such as POS | WMS | Payment Gateway | Shipping System | Business Intelligence | eCommerce and have developed add-ons such as Catch – Weight and Letter of Credit for Sage Enterprise Management to Sage business partners, end users and Sage PSG worldwide.
Greytrix is a recognized Sage Rockstar ISV Partner for GUMU™ Sage Enterprise Management – Sage CRM integration also listed on Sage Marketplace; GUMU™ integration for Sage Enterprise Management – Salesforce is a 5-star app listed on Salesforce AppExchange.
For more information on Sage X3 Integration and Services, please contact us at email@example.com. We will be glad to assist you.