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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 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.
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.
Sage X3 Letter of Credit allows report extraction on key performance metrics such as dates, transaction expenses that helps evaluate performance of third parties such as forwarders, carriers and banks. Site draft reports can also be created to show the comprehensive inward and outward LC data.
The setup of Letter of Credit is simple. The setup screen includes user configurable data fields such as LC/BG Journal, LC/BG Journal Entry Type, LC Supplier and LC Account, Contra Bank Guarantee Account that can be designed as desired.
Bank Guarantee (BG) can be created without using Purchase Order. Once bank guarantee is approved, multiple bank guarantee transactions can be added to it including BG expense transaction. Bank Guarantees can be renewed and can be tracked with renewal counter. Analytical dimensions can also be applied to Bank Guarantee.
The add-on supports two types of Bank Guarantee transactions - Normal bank guarantee transaction and Expense bank guarantee transaction. Unlike normal bank guarantee transaction, the expense bank guarantee transaction is hit in the expense account. The transaction nature can be increased or decreased. Once bank guarantee transaction is posted, it gets applied to the bank guarantee. A single bank guarantee can have multiple bank guarantee transactions, if it is not closed.
Key Benefits of Sage X3 Letter of Credit Add-on:
Greytrix – a globally recognized and one of the oldest Sage Gold Development Partner is a one-stop solution provider for Sage ERP and Sage CRM organizational needs. Being acknowledged 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 competence.
Greytrix caters to a wide range of Sage X3, a Sage Business Cloud Solution, offerings. Our unique GUMU™ integrations include Sage X3 for Sage CRM, Salesforce.com, Dynamics 365 CRM and Magento eCommerce along with Implementation and Technical Support worldwide for Sage X3. Currently we are Sage X3 Implementation Partner in East Africa, Middle East, Australia, Asia, US, UK. 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 and India Legislation for Sage X3 to Sage business partners, end users and Sage PSG worldwide.
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