1. Islamic Bills and Collections User Guide
  2. Suggested Accounting Entries and Advices for Islamic Bills
  3. LIQD - Contract Liquidation
  4. Incoming Advance

11.2.3.3 Incoming Advance

Table 11-76 Stage

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

Table 11-77 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/Charges Receivable CCY Equivalent amount of charges in the charge currency if it is a Account Receivable else equivalent amount of charges in Customer Account Currency
Real GL Cr Advance under LCs CCY Bill amount that was advanced under the LC in the contract currency.
Real Customer Dr Customer Payment Account CCY Equivalent amount of the Bill amount being that was advanced, in the Customer Account Currency.
Real GL Cr Profit Earned Not Collected CCY Profit for Bill in the Accrual Currency of the BC contract.
Real Customer Dr Customer Profit Payment Account CCY Equivalent amount of Profit in the Customer Account Currency.

Table 11-78 Advices

Advice Type Advice Description
PAYMENT_ADVICE Debit Advice

Parent topic: LIQD - Contract Liquidation