1. Islamic Letters of Credit
  2. Liquidate Receivable Components
  3. Maintain Online Receivable/Payable Details
  4. Liquidate the Receivable Components of an Islamic LC

11.2.1 Liquidate the Receivable Components of an Islamic LC

Once you enter the reference number of the Islamic 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 Islamic LC are picked up and displayed:
  • The counterparty (customer) code
  • The Value Date of the Islamic 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 made)
  • Details of the tracers that were generated thus far for the outstanding component
  • The Status of the Islamic LC
You can specify the following details for the Liquidation:
  • The account that is 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 is 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 processed Islamic LC is displayed. You can change this, and the changed rate should be within the variance limit specified for the product.

The outstanding components of an Islamic LC are displayed for each event. To liquidate an outstanding component, choose to Liquidate by clicking Processing on the application toolbar.

After the liquidation of an outstanding component, if there are other outstanding components for the event, the system will inform you of them and prompt you to liquidate them as well.

Parent topic: Maintain Online Receivable/Payable Details