16 Settlement of Collection
This topic provides the systematic instructions to settle the Collections.
Once the goods are shipped and the Importer receives the trade documents, the Exporter draws out the Bills to be paid by the Importer. With the introduction of the ‘Settlement of Bill’ transaction, the Importer can now liquidate the Bills he has received under his Import LC, i.e. he can instruct the bank to pay the Bills he has received, from one of his accounts. The user can also use one of his booked forward deals while settling the Bill.
The user can settle either multiple bills from his account, with or without a forex deal, or apply for a loan to settle the bills. The user can link the FX deals
- User must have a valid corporate party Id and login credentials in place
- At least a single Import LC should exist for the party ID and party must having view rights for it
- From the Dashboard, click Menu, then click Trade Finance, and then
click Collection. Under Collection, click Settlement of Import
Collection.The Settlement of Collection screen appears.
Figure 16-1 Settlement of Collection
Description of the illustration settlement-collection.pngThis topic contains following sub-topics:
- Settlement of Collection – Single Collection – Settlement Details
This topic provides the systematic instructions to settle single Import Collection in the application. - Settlement of Collection – Multiple Collection - Detailed Settlement Instruction
This topic provides the systematic instructions to settle multiple Collection in the application. - Settlement of Collection – Multiple Collection – Loan
This topic provides the systematic instructions to initiate the multiple collection settlement using loan account in the application. - Settlement of Collection – Multiple Collection – Custom
This topic provides the systematic instructions to initiate the multiple collection settlement using Custom account in the application.