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

US$ 0.00

    This combination does not exist.

    Terms and Conditions
    30-day money-back guarantee
    Shipping: 2-3 Business Days


            ODOO BEHAVIOR

            Customer invoices/Vendor bills payment means are normally Cash or Bank transfer.


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


            Customer invoices/Vendor bills payment can be paid via financial products.

            BUSINESS CASE

            You receive a bank guarantee of 100K $ to pay all your invoice for Customer X. So, all the invoices of Customer X are paid - nothing is no more due - and you have a bank guarantee to be recovered.


            Installation : Companies using financial products.

            Recommendation/ Best practice : It's important to record the payment by financial products because the Account receivable/Account payable both include the cash delay (ie due date management) and the risk of non-payment when the financial products only includes the cash flow delay (ex: the due date) but 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 Transfer                 

            To record all bank guarantees

            Follow up the due date of bank guarantees

            To record payment in a proper way

            HOW TO USE THIS MODULE ?


            On Accounting → Journals → on journal with type Bank, Payment Configuration tab, we have payment method types option Bank Provision 


            Click on an open invoice, and register payment. on payment wizard, we can select payment method type as Bank Provision and fill the info related to the bank provision payment, then validate.  

            The invoice status will be paid and payments will be posted


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


            After bank provision is cashed, we have posted journal entries for that 

            Flow of Journal Entries

            Customer Invoice

            Customer Payment

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

            LC No. A123Bank
            LC No. A123
            Bank Provision

            Vendor Bills

            Supplier Payment

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

            LC No. S321Bank Provision
            LC No. S321