How to: Update a Letter of Credit
Any changes that you make in a letter of credit after you release the letter of credit can be recorded using the LC Amendment window. You can also view and edit the amended letter of credit.
You can close a letter of credit either by using the LC Detail window or by running the Close LCS batch job. The batch job allows you to close multiple letter of credits at the same time. You can also revolve a letter of credit using the LC Detail window.
To amend a letter of credit
In the Search box, enter LC Detail, and then choose the related link.
Select the required letter of credit, and on the Actions tab, in the Manage group, choose Edit.
In the LC Detail window, on the Actions tab, in the Functions group, choose LC Amendments.
Note
You cannot amend a closed letter of credit.
Choose OK.
To edit an amended letter of credit
In the Search box, enter LC Detail, and then choose the related link.
Select the required letter of credit, and on the Actions tab, in the Manage group, choose Edit.
In the LC Detail window, on the Navigate tab, in the LC Details group, choose Amendments.
Select the required amended letter of credit, and on the Actions tab, in the Manage group, choose Edit.
Field Description Expiry Date
The expiration date of the letter of credit.
LC Value
The value of the letter of credit.
Choose the OK button.
To close a letter of credit
In the Search box, enter LC Detail, and then choose the related link.
Select the required amended letter of credit, and on the Actions tab, in the Manage group, choose Edit.
On the Actions tab, in the Functions group, choose Close LC.
Choose the OK button.
To close multiple letters of credit
In the Search box, enter Close LCS, and then choose the related link.
On the Options FastTab, in the Date field, select the closing date.
On the LC Detail FastTab, select the appropriate filters.
Choose the OK button.
To revolve a letter of credit
In the Search box, enter LC Detail, and then choose the related link.
On the Actions tab, in the Manage group, choose Edit.
In the LC Detail window, on the General FastTab, fill in the fields as described in the following table.
Field Description Type of Credit Limit
Select Revolving as the credit limit type.
Revolving Cr. Limit Types
Automatic – If the revolving credit limit type is Automatic, on the expiration date of the letter of credit, the credit limit is updated with the letter of credit value.
–or–
Manual – If the revolving credit limit type is Manual, either the transporter document or the bank receipt is required to update the credit limit.
Choose OK.
See Also
Tasks
How to: Set Up a Letter of Credit
How to: Create a Letter of Credit
How to: Apply a Letter of Credit to a Purchase Order
How to: Post Letter of Credit Charges
How to: Print Letter of Credit Reports
How to: Renew the Credit Limit for a Letter of Credit