{"id":16059,"date":"2018-09-27T04:20:23","date_gmt":"2018-09-27T04:20:23","guid":{"rendered":"http:\/\/www.greytrix.com\/blogs\/sagex3\/?p=16059"},"modified":"2018-10-06T06:14:41","modified_gmt":"2018-10-06T06:14:41","slug":"inward-letter-of-credit-add-on-for-sage-enterprise-management","status":"publish","type":"post","link":"https:\/\/www.greytrix.com\/blogs\/sagex3\/2018\/09\/27\/inward-letter-of-credit-add-on-for-sage-enterprise-management\/","title":{"rendered":"Inward Letter of Credit Add-on for Sage enterprise Management"},"content":{"rendered":"

The International business exchanges involve risk between the merchant and buyer on the buy of specific merchandise. On the off chance that the buyer neglects to make the installment, the bank covers the sum due.<\/p>\n

The contributing factors for the risk include the distance between the two parties, distinctive laws in every nation, and the absence of individual collaboration. This risk amplifies when buyers fail to pay for the merchandise to the vendors and when importers risk paying but not receive anything. Resolving these disputes become challenging because of the absence of assurance in transactions.<\/p>\n

Using a letter of credit is one method of reducing the risks. The document can offer an assurance to the merchant that installment will come, while the buyer can make sure that installment won’t be made until the point that the merchandise is received.<\/p>\n

Check Now<\/strong>:\u00a0<\/em>Guarantee transactions between buyers & sellers with\u00a0<\/em><\/em>Letter of Credit Add-on for Sage Enterprise Management (Sage X3)<\/a><\/em><\/strong><\/p>\n

Let\u2019s see an Example of a Letter of Credit<\/strong> process,<\/p>\n

    \n
  1. Suppose Company SPARKLE sells glass crockery in Florida and Company Bright manufactures glass crockery in London. Now, Company SPARKLE wants to import $100,000 hundred thousand dollars\u2019 <\/strong>worth of glass crockery manufactured by Company BRIGHT, but Company BRIGHT is concerned about SPARKLE’s ability to pay for them.<\/li>\n
  2. To address this, Company SPARKLE gets a letter of credit from its bank, Bank of Florida, indicating that Company SPARKLE will make the $100,000 payment in, say, 60 days, or Bank of Florida will pay the bill itself. Bank of Florida then sends the letter of credit to Company BRIGHT, which then agrees to ship the glass crockery.<\/li>\n
  3. After the shipment goes out, Company BRIGHT or its bank then ask for its $100,000 by presenting a written draft (also called a bill of exchange) to Bank of Florida.<\/li>\n
  4. Although letters of credit mostly benefit sellers, they also protect buyers, because Company BRIGHT must present Bank of Florida with written proof of the glass crockery shipment in order to get paid.<\/li>\n
  5. This proof usually includes a commercial invoice, bill of lading, or an airway bill. After Bank of Florida pays Company BRIGHT, it turns to Company SPARKLE for reimbursement.<\/li>\n<\/ol>\n

    We have also included bank guarantee in our add-on.<\/p>\n

    Let\u2019s see Letter of Credit in Sage Enterprise Management<\/a><\/p>\n

    \"Navigation<\/a>

    Img 1.1: Navigation screen<\/p><\/div>\n

    We have created Letter of credit for both inward and outward distribution transactions.<\/p>\n

    Inward LC<\/strong><\/p>\n

    In Inward LC. You will accept the Letter of credit from the Customers before shipping the merchandise. So in Inward LC screen, select the sales invoice and create LC. Here you can attach all the related documents such as copies of bill of lading, or an airway bill etc.<\/p>\n

    \"Inward<\/a>

    Img 1.2: Inward LC screen<\/p><\/div>\n

    Hope this blog helps!<\/p>\n

    About Us<\/strong><\/span>
    \n    Greytrix<\/a> \u2013 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.<\/p>\n

    Greytrix<\/a>\u00a0caters to a wide range of Sage Enterprise Management (Sage X3) offerings \u2013 a Sage Business Cloud Solution. Our\u00a0unique GUMU™ integrations include Sage Enterprise Management (Sage X3) for Sage CRM<\/a>,\u00a0Salesforce.com<\/a> and\u00a0Magento eCommerce<\/a>\u00a0along with Implementation and Technical Support worldwide for Sage Enterprise Management (Sage X3)<\/a>. Currently we are Sage Enterprise Management Implementation Partner<\/a> in East Africa, Middles East, Australia, Asia.\u00a0We also offer best-in-class\u00a0Sage X3 customization and development services<\/a>,\u00a0integrated applications such as POS<\/a> | WMS<\/a> | Payment Gateway<\/a> | Shipping System<\/a> | Business Intelligence<\/a> | eCommerce<\/a> and have developed add-ons such as Catch \u2013 Weight <\/a>\u00a0and Letter of Credit<\/a> for Sage Enterprise Management to Sage business partners, end users and Sage PSG worldwide.<\/p>\n

    Greytrix is a recognized Sage Rockstar ISV Partner<\/a> for GUMU™ Sage Enterprise Management \u2013 Sage CRM integration also listed on Sage Marketplace<\/a>; GUMU™ integration for Sage Enterprise Management \u2013 Salesforce is a 5-star app listed on Salesforce AppExchange<\/a>.<\/p>\n

    For more information on Sage X3 Integration and Services, please contact us at\u00a0x3@greytrix.com<\/a>. We will be glad to assist you.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The International business exchanges involve risk between the merchant and buyer on the buy of specific merchandise. On the off chance that the buyer neglects to make the installment, the bank covers the sum due. The contributing factors for the risk include the distance between the two parties, distinctive laws in every nation, and the\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,8],"tags":[2544,1151,1152,2535,1762,1822,1824,1904,1945],"class_list":["post-16059","post","type-post","status-publish","format-standard","hentry","category-installation","category-sage-erp-x3","tag-inward-lc","tag-letter-of-credit-add-on-for-sage-x3","tag-letter-of-credit-addon","tag-sage-em-addons","tag-sage-enterprise-management","tag-sage-x3","tag-sage-x3-add-ons","tag-sage-x3-letter-of-credit-addon","tag-sage-x3-technical-blogs"],"_links":{"self":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts\/16059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/comments?post=16059"}],"version-history":[{"count":14,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts\/16059\/revisions"}],"predecessor-version":[{"id":16075,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/posts\/16059\/revisions\/16075"}],"wp:attachment":[{"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/media?parent=16059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/categories?post=16059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sagex3\/wp-json\/wp\/v2\/tags?post=16059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}