1. Settlements User Guide
  2. The Settlements Service
  3. Process Settlements
  4. Amend Settlement Details

1.4.2 Amend Settlement Details

This topic provides the overview to amend Settlement details.

While amending a contract, you can modify the settlement information on the following tabs:
  • Message Details
  • Parties
Save the contract once you have made the required changes. The system validates the modified information as in case of a new settlements operation.

Process Settlements for Track Receivable or Payable Amount Tags

While processing a settlement, the system validates marking of an Amount Tag to Track Receivable or Track Payable Process.

If Amount Tag is marked to ‘Track Receivable’ or ‘Track Payable’ and ‘Eligible for AR-AP Tracking’ check box is checked for the CIF linked to the Settlement Account, then the system replaces the Settlement Account with the ‘GL for ARAP’ or ‘Payable GL for ARAP’, respectively. The GL is defaulted based on the derivation logic maintained at ‘ARAP Code maintenance’.

If the Customer is not marked for AR-AP Tracking at the Customer Level, then the system validates for the mapping of the selected GL to the Product & Component combination. If it is not mapped, then the system displays an override message.

If an ICCF Amount Tag is marked for ‘Track Receivable’ or ‘Track Payable’ and the Settlement Account is a GL then a record would be created in LQ Module. The AR/AP Code and GL are defaulted based on the details maintained at AR-AP Code Maintenance level.

The MIS Information of the contract is defaulted as MIS Information of the record created in LQ Module.

The following steps are involved for updating the records in LQ module, for LC, BC, FT, PC and CL contracts:
  • When a contract is saved, a record will be posted in LQ module with an ‘Unauthorized’ status and ‘Outstanding’ collection status.
  • System authorizes the LQ record automatically after a contract is authorized.
  • If a contract is deleted, then system deletes the corresponding LQ outstanding.
  • If a contract is reversed, then the system reverses the corresponding LQ outstanding record.
  • If the contract is ‘Unauthorized’, then the system does not allow liquidation of LQ record.

Parent topic: Process Settlements