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

11.2.3.2 Incoming Payment (Final)

Table 11-72 Stage

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

Table 11-73 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 Nostro /Vostro Cr Nostro / Vostro Account of Settlement CCY Equivalent amount of Bill amount being paid in the currency of the Nostro / Vostro Account.
Real Customer Dr Customer account CCY Equivalent amount of the Bill amount being paid in the Customer Account Currency.

Table 11-74 Accounting Entries

GL Type A/C Type Dr/Cr Account Description CCY Amount
Contingent Liability GL Dr LC OCU Account CCY LC OCU decrement entry in the contract currency.
Contingent Offset GL Cr Contingent Offset Account CCY LC OCU decrement offset entry in the contract currency.

Table 11-75 Advices

Advice Type Advice Description
PAYMENT_ADVICE Payment Advice

Parent topic: LIQD - Contract Liquidation