Once you enter the reference number of the LC in the Receivable Liquidation screen, the system automatically assigns a unique liquidation reference number to the component you are liquidating. Besides this, the following details of the LC are picked up and displayed:

• The counterparty (customer) code
• The Value Date of the LC
• The account to which the liquidated amount should be credited
• The currency of the receivable account
• The branch to which the account belongs
• The total outstanding amount for the component as of the value date (the date on which the payment is being made)
• Details of the tracers that were generated thus far for the outstanding component
• The Status of the LC

You can specify the following details for the Liquidation:

• The account that should be debited for the liquidation amount
• The branch to which the account belongs
• The currency of the account
• If the component currency and the currency of the account to be debited for the liquidated amount are different, you can indicate the exchange rate to be used in the conversion. By default, the exchange rate specified for the product under which the LC is processed, will be displayed. You can change this and the changed rate should be within the variance limit specified for the product.

The outstanding components of an LC are displayed for each event. To liquidate an outstanding component, click ‘Liquidate’ icon on the toolbar.