1. Islamic Bills and Collections User Guide
  2. Suggested Accounting Entries and Advices for Islamic Bills
  3. INIT - Initiation
  4. Incoming/Outgoing Collections

11.2.2.1 Incoming/Outgoing Collections

Table 11-31 GL Type

GL Type A/C Type Dr/Cr Account Description
Real Income Cr Charges earned
Real Customer/Account Receivable Dr Customer/Charges Receivable

Table 11-32 Advices Incoming Advance

Advice Type Advice Description
PAYMENT_ADVICE Payment Advice
ACKNOWLEDGEMENT Acknowledgment Advice
DOC_ARVL_NOTICE Document Arrival Advice
REMITTANCE_LTR Remittance Letter

Table 11-33 Stage

Stage Clean / Doc Sight/Usance Bill Under LC
FIN DOC Sight only Yes (mandatory)

Table 11-34 Accounting Entries

GL Type A/C Type Dr/Cr Account Description CCY Amount
Real Income Cr Charges earned. LCY Equivalent charge amount in LCY.
Real Customer/ Account Receivable Dr Customer/Char ges Receivable CCY Equivalent amount of charges in the charge/fee currency if it is a Account Receivable else Equivalent amount of charges in Customer Account Currency
Real GL Dr Advance under LCs CCY Bill amount being advanced under the LC in the contract currency.
Real Nostro / Vostro Cr Nostro / Vostro Account of Settlement CCY Equivalent amount of the Bill amount being advanced in the Nostro/Vostro Account Currency
Contingent Liability GL Dr LCs OCU Account CCY LC OCU decrement entry in the contract currency.
Contingent Offset GL Cr GL Contingent Offset Account CCY LC OCU decrement offset entry in the contract currency.
Real GL / Customer Cr Cash Collateral Account for Bills paid as Advance under LCs CCY User input Cash Collateral Amount in the Cash Collateral Currency.
Real Customer Dr Cash Collateral payment Account CCY Equivalent User input Cash Collateral Amount in the Cash Collateral Currency.

Table 11-35 Advices

Advice Type Advice Description
PAYMENT_ADVICE Payment Advice
RESERVE_RELEASE Release of Reserve Advice
DOC_ARVL_NOTICE Document Arrival Notice
ACKNOWLEDGEMENT Acknowledgment Advice

Parent topic: INIT - Initiation