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

11.2.2.6 Outgoing Purchase (Documentary)

Table 11-48 Stage

Stage Clean / Doc Sight/Usance Bill Under LC
FIN DOC Sight only No

Table 11-49 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 Asset Dr Outgoing Bills purchased CCY Bill Amount in Contract currency.
Real Customer Cr Customer Account CCY Equivalent amount of the Bill amount being paid in the Customer Account Currency.
Real GL Liability Cr Profit collected in advance on Outgoing Bills Purchased CCY Equivalent Profit amount for the BC contracts in LCY.
Real Customer Dr Customer Account CCY Equivalent Profit amount in the Customer Account Currency.

Table 11-50 Advices

Advice Type Advice Description
RESERVE_RELEASE Release of Reserve Advice
REMITTANCE_LTR Remittance Letter

Parent topic: INIT - Initiation