"New" option located in the Bank Credits List is used for recording bank credit information. The following information is recorded in the Unit Bank Credits window:
Credit Code: The code of the bank credit. Alphanumeric characters can be used for coding. This field is mandatory.
Credit Description: The name or description of the bank credit definition.
General Credit Contract No: The number of credit contract.
Aux. Code: The auxiliary code of the bank credit. Aux. code is used to classify bank credits by company specific criteria.
Auth. Code: The authorization code of the bank credit definition. Used to define authorizations for each record. Each user may be authorized to use different records depending on the job definitions. Records are encrypted according to the information provided on the auth. code field so that only the users who log in with the specified authorization code can access and process the records.
Status: The status of the bank credit definition. This field is not editable.
Division: The related division of the credit. Used to show which division used how much credits.
Credit Type: The bank credit definition type. This field contains the following options:
- Operating Loan
- Investment Loan
Account Type: Used to determine the acceptable account type for the bank credit. Account type field contains the following fields:
- Spot Loan
- Debtor Standing Credit (Revolving)
- Discount - Credit of Redemption Bills
Spot Loan: These kinds of loans are available for the short-term financial needs of businesses. Since the interest rate is fixed on the day the credit is used, the risks arising from interest rate fluctuations are avoided. This loan can be used for a maximum period of 90 days, within the credit lines approved. The tenor and interest rate for these loans are determined according to the market conditions.
Debtor Standing Credit (Revolving): This type of credit works like an advance drawn from a current account, leaving the account in debt. A cash credit against your signature and/or tangible collateral (cash, mortgage, securities, time deposit, check/promissory notes etc.) is provided for a given maturity and limit, taking into account your needs and credit rating. You can decide to settle your credit debt either partly or in full, at any time you choose.
Discount - Credit of Redemption Bills: In this loan the promissory notes received from your customers are sold to the Bank through endorsement (alienation) and shipment. Non-payment risk will then be borne by the Bank.
Bank Code (Credit): Used to select the bank account code for the credit. "…" symbol is clicked to list the bank accounts and the appropriate account is selected for the credit.
Bank Code (Commercial): Used to select the commercial account code for the credit. "…" symbol is clicked to list the bank accounts and the appropriate commercial account is selected for the credit.
When the bank account codes are selected, bank account numbers and currency types (defined in the bank account card) are transferred to the related fields automatically.
Obtained Date: The receiving date of credit.
Due Date: The closure/end date of the credit payments. Spot loans and Discount - Credit of Redemption Bills cannot be saved without stating the due date.
Payment Start: It refers to the start date of the bank credit. The current date is shown as default. All installment transactions' dates (including the installment transactions generated by the back payment plan) are calculated based on this date regardless of the credit type.
Back Payment Plan: Used to determine the back payment plan for the Debtor Standing Credit (Revolving) and Discount - Credit of Redemption Bills account types. Defined payment plans are listed and the appropriate one is selected for the accounts.
Payment plans for the Credit type bank accounts are recorded by Back Payment Plans located in the F9/right mouse button menu of the Bank Accounts List.
The bottom fields of the card are used to record credit amount, interest rate to be applied, BITT / RUSF
rates, surcharge and commission amounts.
Loan Limit amount and Loan Margin information (defined in selected bank account card for the credit) have to be considered when recording the credit definition.
When Credit Against Check is received, the collateral is calculated according to check loan limit and check loan margin rates, when Credit Against P. Note is received, the collateral is calculated according to p. note loan limit and p.note loan margin rates.
The indicated amount in bank credit card is compared with the usable credit amount in bank account card. In case the usable credit amount is exceeded, program warns the user with a warning message.