Bank Guarantee Management

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Record and follow up the payment using bank guarantee for customer invoice and vendor bill

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Bank Guarantee Management

Record and follow up the payment using bank guarantee for customer invoice and vendor bill

US$ 0.00 0.0 USD US$ 0.00 VAT Excluded

US$ 0.00 VAT Excluded

Not Available For Sale

This combination does not exist.

STORY BEHIND THE FEATURES

        ODOO'S FUNCTIONS

        Payment options for Customer Invoices and Vendor Bills only include Cash or Bank transfer.

        CLUEDOO'S FUNCTIONS

        Cluedoo propose an extra feature to manage your payments: by financial products. When you use financial tools like factoring, bank guarantee, letter of credit, etc., once you receive the proof of document, you can reconcile the related invoices and record them as paid by the financial products. Then, you focus now on the financial product recovery.


        MODULE+

        Customer Invoices/Vendor Bills payment can be paid via financial products.

        BUSINESS CASE

        You receive a bank guarantee of $100K to pay for all of your invoice for Customer X. So, all the invoices of Customer X are now paid - nothing is now due - and you now have a bank guarantee to recover. 

        CLUEDOO RECOMMENDATION

        Installation : Companies using financial products should install this module on 100% of their database.

        Recommendation / Best practice : It's important to record the payment by financial products because both the Account Receivable/Account Payable include cash delay (ie: due date management). The risk of non-payment of financial products only includes the cash flow delay (ex: the due date), but there is no more the risk on unrecovery.

        why we need this module

        There are many cases that payments are done using bank financial tools and not only Cash or Bank Transfers. This module also helps you: 

        Record all bank guarantees.

        Follow up the due date of bank guarantees.

        Record payment in a proper way.

        HOW TO USE THIS MODULE

        1

        On Accounting → Journals → go to a journal with the type "Bank". Under the Payment Configuration tab, we have the payment method type option "Bank Provision".  




        2

        Click on an open invoice and register the payment. On the Payment Wizard, we can select the payment method type as "Bank Provision" and fill in the info related to the bank provision payment. Afterwards, then validate.  

        The invoice status will be paid and payments will be posted. 





        3

        On Accounting, we have the Bank Provision menu. In this menu we can see the list of uncashed payments. We can cash a payment when it’s the due date. 


        4

        After the bank provision is cashed, we have posted journal entries for the payment.


        Flow of Journal Entries

        Customer Invoice

        Customer Payment

        DebitCredit
        Invoice No. 123Bank Provision
        Invoice No. 123
        Account Receivable
        Provision become Liquid

        DebitCredit
        LC No. A123Bank
        LC No. A123
        Bank Provision

        Vendor Bills

        Supplier Payment

        DebitCredit
        Vendor Bills No. 321Account Payable
        Vendor Bills No. 321
        Bank Provision
        Provision become Liquid

        DebitCredit
        LC No. S321Bank Provision
        LC No. S321
        Bank