Letter of Credit and Drawing
- kda
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14 years 1 month ago #5892
by kda
Letter of Credit and Drawing was created by kda
Dear All,
Could you please explain me, What is the different of Letter of Credit and Drawing?
And Please tell me the flow of them, How are they created?
Thanks
Could you please explain me, What is the different of Letter of Credit and Drawing?
And Please tell me the flow of them, How are they created?
Thanks
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- Dust
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14 years 1 month ago #5898
by Dust
Replied by Dust on topic Re: Letter of Credit and Drawing
TF (trade finance) in T24 got 3 main applications, they are LC (letter of credit), LC.AMENDMENTS and DRAWINGS.
LC: Store, maintain, manage all information on LCs, and Collection.
LC.AMENDMENTS: for external amendments which requires Ben's consent only. After approving amendments, they will be updated into LC records, otherwise they will not.
DRAWINGS: used for payment of collection and/or for registering/refusal/acceptance/payment of LC documents. Drawings ID = LC ID + XX (where XX = sequence number), therefore Drawings transactions are only handled/processed with existing LC ID.
LC: Store, maintain, manage all information on LCs, and Collection.
LC.AMENDMENTS: for external amendments which requires Ben's consent only. After approving amendments, they will be updated into LC records, otherwise they will not.
DRAWINGS: used for payment of collection and/or for registering/refusal/acceptance/payment of LC documents. Drawings ID = LC ID + XX (where XX = sequence number), therefore Drawings transactions are only handled/processed with existing LC ID.
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- kda
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14 years 1 month ago #5899
by kda
Replied by kda on topic Re: Letter of Credit and Drawing
Thank alots Dust.
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