Page History

The L/C payments are made by bank transactions. Company performs the import L/C payments by bank operation slip. After selecting the bank account in slip, Transaction Type is selected as Letter of Credit Payment, Letter of Credit Commission or Letter of Credit Surcharge. When one of these transaction types is selected, the L/C including the relevant bank account is selected in Letter of Credit No field. During this selection, the L/C currency type and account currency type are checked to see if they match. Payment is made from company's commercial account or credit account according to the payment type of Cash or Credit. If the currency type of the L/C and credit account match, bank transaction performed for the L/C payment is related to the relevant credit. However, if the credit account and the L/C have different currency types, payment is drawn from the credit account first, and then it is converted to the local currency, and then to the L/C currency. Regardless of the account from which payment is made, the correspondent account must be the exporter (vendor AR/AP) in the L/C payments so that the invoice can be closed by bank transaction.