Set up bank facilities and posting profiles for letter of credit
This procedure walks through creating a Bank facility and posting profile required to process Letters of credit.
This tasks uses the demo company 'USMF'.
General ledger parameter
- Go to Cash and bank management > Setup > Cash and bank management parameters.
- Expand the Bank document section.
- Select the Enable import letter of credit option.
- Select the Enable export letter of credit option.
- Click Save.
- Close the page.
Create Bank facility
- Go to Cash and bank management > Setup > Bank facilities.
- Click New.
- In the Facility group field, enter the bank facility group name.
- In the Description field, enter the bank facility group description.
- Click Save.
- Click the Facility types tab.
- Click New.
- In the Facility type field, enter a unique code.
- In the Description field, type a value.
- In the Facility group field, click the drop-down button to open the lookup.
- In the list, find and select the desired record.
- In the list, click the link in the selected row.
- In the Facility nature field, select the nature of the bank facility.
- Click Save.
- Close the page.
Bank posting profile
- Go to Cash and bank management > Setup > Bank documents posting profile.
- Click New.
- In the Account/Group number field, click the drop-down button to open the lookup.
- In the list, find and select the desired record.
- In the list, click the link in the selected row.
- Select the main account for settlement.
- This account is used when calculating cash flow forecast.
- In the Charges account field, select the account for expense transactions.
- In the Margin account field, select the account for margin transactions.
- This account is debited when the opening margin is posted and credited when the payment is posted.
- Click Save.
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