I would like to know is there any options for the LC (Letter of Credit) Management in Odoo (any version). Please let me know the details.
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Hi Xenia,
You can check below shared link of OCA module. hope it will help. this module is for all the standard letters.
https://www.odoo.com/apps/modules/8.0/lettermgmt/
Thanks.
Managing postal letters has nothing to do with Letters of Credit
Hi Xenia,
I guess your question is about the "Letter of Credit" used as one of the Payment Method. It could be routed through accounting i.e. journal entries. I didn't see any option in ODOO for mentioning the LC in the transaction entry screen but the same can be created by extending the model / custom module.
But, LC's need tracking and allowable credit limit and how much has been consumed out of the available LC or request for additional from customer. I am also looking for these options but don't see any so far. I am planning of developing a module for the same. Will keep posted on this forum once I have it ready.
Letter of Credit:
Letter of Credit is a credit letter from bank assuring/guaranteeing of a buyer payment to a seller (Business Transaction). Buyer payment to a seller will be clear on time in specified currency with specified amount subject to fulfill defined conditions of letter of credit.
Journal Entries:-
(1) Entry for opening of LC
L.C. Margin A/c Dr.
To Bank A/c
(Being ..% margin part to bank against LC of $. …………)
(2) Payment of Commission/LC Charges
L.C. Charges /Commission A/c Dr.
To Bank A/c
(Being LC Commission and Charges Paid against LC No. ….of $... .)
(3) Purchase of Goods
Purchase A/c Dr.
To Party (Creditor) A/c
(Being goods purchased against letter of LC No. ….)
(4) Entry for realization of LC
Party (Creditor) A/c Dr.
To Letter of credit A/c
(Being LC forwarded to buyer’s LC No. …..)
(5) Payment of LC
Letter of Credit Dr
To LC Margin A/c
To Bank A/c
(6) In Case of devolvement of LC
Letter of Credit Devolved A/c
To Letter of Credit
To L C Margin A/c
(Being LC no .. of $. devolved and margin adjusted by bank)
Yes we have worked on a custom solution for the scenario for one of our importer client. Let me know how could I facilitate. thanks
Hi @Jayant !
Do you have done something for this point ?
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