4.4 Finance Repayment

This topic provides systematic instructions to finance repayment.

A corporate user can initiate repayment of their finances directly from the portal. The settlement is effected from the settlement account (debit account) configured with the bank. The corporate user is provided the option to select a different currency to settle their finances, rather than the finance currency. A currency conversion is performed, in this case. By default, the Finance Repayment screen displays all the outstanding finances that can be selected for settlement. The user can select a single or multiple finances for settlement, in a single transaction.

Note:

The corporate user will be able to view those finances where the logged in corporate party is the borrower and the finance status is disbursed or partially settled.

1. On Dashboard, click the Toggle Menu, and then click Supply Chain Finance. From Supply Chain Finance, click Finance Management, and then click Finance Repayment.
2. To repay or settle a finance, follow the steps below:
   1. From the Settlement Currency list, select the required currency for repayment of finance.
   2. From the Account Name list, select the required debit account from which the outstanding finance will be settled.
   3. To filter the finances, click icon and enter the filter criteria. A list of finances displays based on the search criteria.
   The Finance Repayment screen displays.

   Figure 4-26 Finance Repayment

   
   

   
   Description of "Figure 4-26 Finance Repayment"

   
   

   For more information on fields, refer to field description table.

   Table 4-19 Finance Repayment

   Field	Description
   Party Name and ID	Select the party name and ID from the drop-down list for which the finance must be repaid. By default, the primary party of the logged-in user is selected. Note: Only accessible parties are displayed to the user.
   Settlement Currency	Specify the settlement currency in which settlement of finance is to be done.
   Account Name	Select the debit account from which the outstanding finance will be settled. This field displays the account number, account name, associated product, and the settlement mode. Note: Only the accounts to which the user has access or permission to view will be listed.
   Select Finances	This section displays the Select Finances details.
   Search	Enter the partial or complete finance reference number, associated party name, program name, or amount to search for specific finance. The results appear as and when you enter the data.
   	Click this icon to filter the finances, based on certain criteria. For more information, refer the Search (overlay window for Finance Repayment) section below.
   Indicator	Displays 'I' for a finance against invoice(s), 'D' for a finance against debit note(s), and 'P' for a finance against purchase order(s).
   Associated Party	Displays the name of the counter party linked with the instrument that has been financed
   Program Name	Displays the name of the program that has been selected for requesting finance.
   Reference Number Status	Displays the finance reference number of the outstanding finance, along with the status.
   Due Date	Displays the due date of the finance.
   Financed Amount	Displays the total disbursed amount of finance.
   Outstanding Amount	Displays the amount (Interest Amount + Principal Amount) that is yet to be paid to settle the finance.
   Repayment Amount	Displays the amount to be repaid. By default, the outstanding amount of the finance is displayed. If you select the check box beside a specific finance, then this field becomes editable. You can click icon to change the amount to be repaid and then click icon to save the changes.
   Amount in Settlement Currency	Displays the settlement amount or the amount to be repaid in the currency selected in the Settlement Currency field. Note: It also displays the exchange rate. The currency conversion will be applicable in case debit account currency configured with the bank and settlement currency, differ.
   Total Selected Finances	Displays the number of selected finances for settlement.
   Total Amount Selected	Displays the total amount to be settled for the selected finances.

3. On Finance Repayment screen click
   
   
   
   icon.
   The Filer Overlay window is displayed.

   Figure 4-27 Filter

   
   

   
   Description of "Figure 4-27 Filter"

   
   

   For more information on fields, refer to field description table.

   Table 4-20 Finance Repayment

   Field	Description
   Select Finances	Indicated an option to search for finance records based on the instrument. The options are: Invoice Based Purchase Order Based Both
   Finance Reference Number	Indicates an option to search for finance records using the finance reference number of the borrower.
   Transaction Reference Number	Indicates an option to search for finance records using the transaction reference number.
   Associated Party Name	Indicates an option to search for finance records that are associated with a specific counter party
   Program Name	Indicates an option to search for finance records that are associated with a particular program.
   Status	Indicates an option to search for finance records that are in a particular status. The options are: Disbursed Disbursement In Process Partially Settled Settled Settlement In Process Disbursement Reversed Disbursement Reversal In Process Settlement Reversed Settlement Reversal In Process
   Amended Finances	Indicates an option to search for finance records that are amended. The options are: Yes No
   Finance Date From - To	Specify the date range in the From and To fields, within which the finances are disbursed.
   Finance Due Date From - To	Specify the date range in the From and To fields, within which the required finances are due
   Currency Amount Range From - To	Select the currency and specify the amount range in the From and To fields to search for the required finances.

4. Select the check box(es) against the finances to be settled.
5. In the Repayment Amount field, click icon if you wish to modify the repayment amount.
   1. Enter the required amount
   2. Click icon to save the changes
6. Click Repay to settle the selected finances.
   The Review screen displays.

   Figure 4-28 Finance Repayment

   
   

   
   Description of "Figure 4-28 Finance Repayment"

   
   
7. Click Cancel to cancel the transaction.
8. In the Review screen, verify the details, and click Confirm. A Confirmation message of request initiation appears along with the reference number. Or, do one of the following:
   • Click Back to navigate back to the previous screen.
   • Click Cancel to cancel the transaction.
   A Confirmation message regarding repayment of finance initiation appears along with the reference number.

   Figure 4-29 Finance Repayment

   
   

   
   Description of "Figure 4-29 Finance Repayment"

   
   
9. Click the View Finances link to view a list of finances with their status. Or, do one of the following:
   • Click the Supply Chain Overview link to go to the Supply Chain Finance dashboard.
   • Click the Go to Dashboard link to go to the main dashboard.

   Note:

   Once the Finance Repayment transaction is submitted by the Corporate Maker, it is sent for approval. It appears in the Pending for Approval list of the Corporate Approver. The approver can approve, or reject, or send the transaction back to the Maker for modifications, with relevant comments. Corresponding notifications are sent to the Maker.

   The maker can then view, claim, and edit the transaction. Upon modification, it can be submitted for approval again. The approver again has the option to approve, reject or send the transaction back for modification. There is no limit to the number of times the transaction can be sent back for modification.

   Once approved, the transaction appears in the Approver’s My Approved List.