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

11.2.2.12 Outgoing Discount

Table 11-66 Stage

Stage Clean / Doc Sight/Usance Bill Under LC
FIN DOC Usance only Not applicable

Table 11-67 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/fee currency if it is a Account Receivable else Equivalent amount of charges in Customer Account Currency
Real Customer Cr Customer Settlement Account CCY Bill amount in the Customer Account currency
Real /Asset GL Dr Bills Discounted CCY Bill amount in the contract currency.
Real /Liability GL Cr Profit Collected in Advance on Discounted Bills. CCY Discounted Profit amount in the contract currency.
Real Customer Dr Customer Profit Payment Account CCY Equivalent Discounted Profit amount in the Customer account currency

Table 11-68 Advices

Advice Type Advice Description
PAYMENT_ADVICE Payment Advice

Parent topic: INIT - Initiation