Letter liquidating account

Posted by / 19-Nov-2017 21:03

Letter liquidating account

The adjoining option list displays all the valid contract reference number. Contract Amount System defaults the contract amount from the LC contract.

Customer Name System defaults the name of the customer from the LC contract.

There are two related functions associated with liquidation: You can pass manual entries into LQ Module to maintain additional entries into AR/AP LQ Module in the ‘Receivable/Payable Online’ screen.

You can invoke ‘Receivable/Payable Online’ screen by typing ‘LQDTRONL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.

Besides this, the following details of the LC are picked up and displayed: If the component currency and the currency of the account to be debited for the liquidated amount are different, you can indicate the exchange rate to be used in the conversion.

On some occasions, you may have to debit it from an internal receivable GL, to be debited from the customer account at a later date.

The following accounting role is used as a part of liquidation of Charges to be transferred as part of any event of LC.

The above accounting role is used for BC module also.

The debiting of the receivable account happens at the event for which the commission or charge has to be collected (issue of an LC, amendment of an LC, availment against an LC, etc.).

When the customer account has to be debited at a later date, you have to perform, what is termed as receivable liquidation.

letter liquidating account-9letter liquidating account-70letter liquidating account-75

Upon Closure of the LC, system validates if there are any outstanding receivable components in the LC (Charges meant to be collected from Bills availed against the LC).

One thought on “letter liquidating account”

  1. It's easy and free, and as you gain the confidence you can follow it up with a message. Our dedicated, award-winning support team are only a quick email away should you need help.