12 Settlement of Collection – Islamic

This topic provides the systematic instructions to settle the Collections.

Once the goods are shipped and the Importer receives the trade documents, the Exporter draws out the Bills to be paid by the Importer. With the introduction of the ‘Settlement of Bill’ transaction, the Importer can now liquidate the Bills he has received under his Import LC, i.e. he can instruct the bank to pay the Bills he has received, from one of his accounts. The user can also use one of his booked forward deals while settling the Bill.

The user can settle either multiple bills from his account, with or without a forex deal, or apply for a loan to settle the bills. The user can link the FX deals

Pre-requisites

• User must have a valid corporate party Id and login credentials in place
• At least a single Import LC should exist for the party ID and party must having view rights for it

1. From the Dashboard, click Menu, then click Trade Finance, and then click Collection. Under Collection, click Settlement of Import Collection – Islamic.
   The Settlement of Islamic Collection screen appears.

   Figure 12-1 Settlement of Islamic Collection

   
   

   
   Description of "Figure 12-1 Settlement of Islamic Collection"

   
   

   This topic contains following sub-topics:

• Settlement of Islamic Collection – Single Collection – Settlement Details
  This topic provides the systematic instructions to settle single Islamic Import Collection in the application.
• Settlement of Islamic Collection - Single Collection – Forex Deals
  This topic provides the systematic instructions to view and link the forex deals in Settlement of Collection the application.
• Settlement of Islamic Collection – Single - Charges and Taxes
  This topic provides the systematic instructions to view the Charges and Taxes details in the application.
• Settlement of Collection – Islamic - Single Bill - Attachments
  This topic provides the systematic instructions to capture the Attachments details in the application.
• Settlement of Collection – Islamic – Multiple Collection - Detailed Settlement Instruction
  This topic provides the systematic instructions to settle multiple Collection in the application.
• Settlement of Islamic Collection – Multiple Collection – Finance
  This topic provides the systematic instructions to initiate the multiple collection settlement using finance account in the application.
• Settlement of Islamic Collection – Multiple Collection – Custom
  This topic provides the systematic instructions to initiate the multiple collection settlement using Custom account in the application.