Letter of Credit System - Letter of Credit

28

Apr

Letter of Credit system ( LC system ) supports importing operation and recorded all relevant expenses elements. Letter of credit system ( LC system ) enables the customer to allocate all relevant expenses reaching the actual final cost of imported items. Letter of credit system ( LC system ) fully integrated with inventory and General ledger systems.

Know more about the 4S LC system Main features, Technical features, and the reports generate by it

Main Features of letter of credit system

  • Enter purchase orders (PO) and enter their items in quantities and prices and some private data such as supplier, bank, shipping date, originator, country, and choice of the contracting system whether

(FOB – CIF – C&F – Ex-Works) and payment terms and the purchase order can be based on the store traffic of the warehouse program or purchases.

  • The introduction of Letter of credit (LC) and the introduction of its items in quantities and prices and some special data such as supplier, bank, date of shipment, country of origin, country, and choice of

the contracting system both (FOB – CIF – C&F – Ex-Works) and payment terms can be based on the invoice of the supplier and thus all the data and items are automatically entered from the reliable movement.

  • The introduction of cargo, which depends on the letter of credit, and therefore all data and types of dependable traffic can be entered and more than one shipment can be entered on the same letter of credit LC
  • Enter ing invoices of suppliers (Proforma invoices) and entering their own items in quantities and prices and some special data such as supplier, bank, date of shipment, country of origin, country of origin, country, and choice of the contracting system (FOB – CIF – C&F – Ex-Works) and payment terms can be based on the purchase order and thus all data and items are automatically entered from the reliable movement.
  • Distributing the value of the expenses items to shipments and items in which they are automatically or enter the distribution manually.

Technical Features of letter of credit system

  • Dealing with the rules of private companies, businesses, and government as well as the Saudi system.
  • This system works in English only.
  • Identify the different cities that are dealt with, whether they are the originator cities or the shipping cities.
  • Identify suppliers.
  • Definition of states.
  • Closing the documentary credit after the arrival of all approved shipments.
  • Identify the shipping routes that are handled.
  • Identify the shipping companies that are dealt with.
  • Identify the ports of access that are dealt with.
  • Identify the cargo ships that are handled
  • Define currencies and conversion rates on each date.
  • Definition of different expense items
  • Defining the terms of payment
  • Identify the types of documents

Samples of report from letter of credit system

  • Currency report and conversion rates
  • Supplier billing reports
  • Purchase order reports
  • Letter of credit reports
  • LC system generates shipment reports
  • Letter of credit LC cost reports
  • LC system generates cargo cost reports
  • Expense reports on the letter of credits
  • LC system generates Reports of items received from purchase orders
  • The possibility of operating the main shipment system and having sub-shipments.
  • Always, you can choose how to rely on between the supplier’s invoice and the purchase order depends on who

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