1. Finance Guide
  2. What's New In This Release

11Managing Financial Contracts

About Managing Financial Contracts

Siebel Finance Contracts are displayed in the Universal Contracts view. Contracts are one of the following three types:

  • Bills and Collections (BC) - A BC contract is an instruction, wherein, a customer (drawer) approaches your bank to purchase, negotiate, discount, or send for collection, a financial instrument called a bill. This written instrument is an instruction instructing the drawee of the bill to pay a certain sum of money in favor of your bank or at the order of your bank.

  • Letter of Credit (LC) - An LC contract is an instruction wherein a customer requests the bank to issue, advise or confirm a letter of credit, for a trade transaction. An LC substitutes a bank's name and credit for that of the parties involved. The bank thus undertakes to pay the seller or beneficiary even if the remitter fails to pay.

  • Guarantee - If the LC that you are processing is a guarantee, then you specify the type. They include:

    • Bid

    • Performance

    • Retention

A contract can be associated with one or more contacts. However, contracts can be associated with only one account, but an account can have multiple contracts. There is 1:M relationship between a Contract and an Account.

Contracts are read-only in Siebel Finance. Records can be updated only in Oracle FLEXCUBE Universal Banking and updated records are sent to Siebel Finance.

From Siebel Finance, you can query Oracle FLEXCUBE Universal Banking to obtain the latest data.

The following operations can be performed to synchronize contract data between Siebel Finance and Oracle FLEXCUBE Universal Banking:

  • For newly created contracts in Oracle FLEXCUBE Universal Banking, a batch process executes to create contracts in Siebel Finance.

  • To update contract data in Siebel Finance, a batch process executes to update the contract in Siebel Finance.

  • Siebel Finance users can query the latest contract data in Oracle FLEXCUBE Universal Banking using the Refresh button available on the Contract More Info view.

Viewing Contracts

The Contracts - Contracts List view displays all the available contracts in a list. It consists of the following views:

  • Contracts List view

  • Contracts Form view

To view a list of available contracts

  1. Navigate to the Universal Contracts Screen, then Contracts List View.

  2. In the Contracts list, drill down on the Contract.

Viewing Contracts Bills and Collection Information

The Contracts - Contracts List - Bills and Collections - More Info View contains additional information for contracts of type BC. This information is read-only in Siebel Finance. Records can be updated in Oracle FLEXCUBE Universal Banking and updates are sent to Siebel Finance.

Contract's related entities information is displayed using the Virtual Business Component (VBC). The following are the related entities for Bills and Collections:

  • Parties

  • Interest Details

  • Discrepancies

To view contract additional information

  1. Navigate to the Universal Contracts Screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract with a BC Type.

Refreshing Contract Information

Use the following procedure to refresh contact information.

To refresh contract information

  1. Navigate to the Universal Contracts Screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract with a BC Type.

  3. In the Bills and Collection More Info view, click the Get Details button.

Obtaining Contract Parties Information

Use the following procedure to obtain contract parties information.

To obtain contract parties information

  1. Navigate to the Universal Contracts Screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract with a BC Type.

  3. In the Bills and Collection More Info view, scroll to view the Parties List Applet.

  4. Click the Get Details button.

Viewing Contracts Bills and Collections Details

The Contracts - Contracts List - Bills and Collections - Details view displays Discrepancies information in the list Applet.

To view contract bills and collection details

  1. Navigate to the Universal Contracts screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract with a BC Type.

  3. In the Bills and Collection More Info view, click the Details link.

Refreshing Contract Bills and Collection Details

Use the following procedure to refresh contract bills and collection details.

To refresh contract bills and collection details

  1. Navigate to the Universal Contracts screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract with a BC Type.

  3. In the Bills and Collection More Info view, click the Details Link.

  4. Click the Get Details button, then click the Details link.

Viewing Contracts Letters of Credit and Guarantees Information

The Bills and Collections Contracts - Contracts List - Letters of Credit and Guarantees - More Info view is same as the Bills and Collections More Info view. This view contains following views:

  • More Info Form view

  • Parties List view

This information is read-only in Siebel. Records can be updated in Oracle FLEXCUBE Universal Banking and updated records are sent to Siebel Finance.

LC Contract's related entities are displayed using VBCs and data is not stored in Siebel Finance. The following are the related entities:

  • Parties

  • Commissions

  • BC linkages

To view contract letters of credit and guarantee information

  1. Navigate to the Universal Contracts screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract of Type LC or Guarantee.

Refreshing Contract Letters of Credit and Guarantee Information

Use the following procedure to refresh contract letters of credit and guarantee information.

To refresh contract letters of credit and guarantee information

  1. Navigate to the Universal Contracts screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract of Type LC or Guarantee.

  3. In the Letters of Credit and Guarantees More Info view, click the Get Details button.

Obtaining Contract Parties Information

Use the following procedure to obtain contract parties information.

To obtain contract parties information

  1. Navigate to the Universal Contracts screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract of Type LC or Guarantee.

  3. In the Letters of Credit and Guarantees More Info view, scroll to the Parties List.

  4. Click the Get Details button.

Viewing Contracts Letters of Credit and Guarantees Details

The Contracts - Contracts List - Letters of Credit and Guarantees - Details view displays Commissions and Bills and Collection linkage information.

To view contracts letters of credit guarantees information

  1. Navigate to the Universal Contracts screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract of Type BC.

  3. In the Bills and Collection More Info view tab, click the Details link.

Refreshing Contract Letters of Credit Guarantees Information

Use the following procedure to refresh contracts letters of credit guarantees information.

To refresh contracts letters of credit guarantees information

  1. Navigate to the Universal Contracts screen, then the Contracts List view.

  2. In the Contracts list, drill down on a contract of Type BC.

  3. In the Bills and Collection More Info view, click the Details link.

  4. Click the Get Details button.