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International business transactions involve risk between the seller and buyer on the purchase of certain goods. The contributing factors for the risk include the distance between the two parties, different laws in each country, and the lack of personal interaction. This risk magnifies when buyers fail to pay for the goods to the sellers and importers risk paying but not receive anything. Resolving these disputes become challenging because of the absence of assurance in transactions. A letter of credit (LC) of Bank Guarantee (BG) is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received and if the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. Greytrix with its Letter of Credit (LC) add-on for Sage Enterprise Management (formerly known as Sage X3) creates a better sense of assurance in such international business transactions.
Greytrix Letter of Credit (LC) add-on for Sage X3 gives more value to the buyers and sellers by managing the lifecycle of LC. The add-on manages Letter of Credit (LC) documentations, submissions, financial, import - export information and facilitates tracking effortlessly and accurately. The add-on monitors letter currency, letter amount, coverage amount, letter duration, letter expenses, letter beneficiary, assigned bank, renewal commission, renewal duration, increase commission, increase duration, decrease commission, decrease duration and cancellation expenses.
The noteworthy features of Greytrix Letter of Credit (LC) add-on for Sage X3 include:
Greytrix Letter of Credit add-on for Sage X3 manages the import LC processing features. This includes solution such as opening LC using single or multiple indents, LC document processing, LC expense recognition, LC margin adding facility, invoice settlement, shipment add facilities and currency fluctuation tracking.
Export LC processes can be easily managed from Sage X3 ERP system. The features include shipment schedule creation, LC amendment facility, packing list generation facility, automated accounting transaction, bill purchase facility, courier information tracking.
Any modification or changes after the LC process is done to review the errors in Letter of Credit document. This feature includes changes in product quantity, pricing, shipping date modifications and delivery date modifications.
Processing and managing loans with Letter of Credit add-on for Sage X3 becomes easier from the ERP system. Integrating a third party system such as Banking is also feasible with the add-on.
This Work order feature is linked to the bill of material and it initiates the process of procurement department. It deals with name & quality of products, unit cost, quantity, total cost & tentative delivery date all can be done through Sage X3 ERP system effectively.
Letter of Credit add-on for Sage X3 controls several types of invoices making you think both ways - importer & exporter as well all the legal documents required for the process that can be easily managed in Sage X3 ERP system.
Key Benefits of Sage Enterprise Management (formerly Sage X3) Letter of Credit Add-on
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