Create a Letter of Credit for an Organisation

Some of the fields on the letter of credit are used to replace the default values of MineMarket fields; for example, when the text on invoices must match the wording in another document, such as from a bank.

When the invoice XML is generated for printing an invoice, MineMarket evaluates each field:

If an invoice field value has been specified for a letter of credit, the invoice displays the value from the letter of credit.
If there is no override from a letter of credit, but an invoice field value has been specified for the despatch order (DO), the invoice displays the value from the DO. Overrides can be specified in parent despatch orders (PDOs) and child despatch orders (CDOs). If a CDO is being invoiced, and has no invoice field value, the value in the PDO is used.
If there is no override from a DO, but an invoice field value has been specified for the applicable set of contract terms, the invoice displays the value from the contract terms.
If there is no override from the applicable set of contract terms, the invoice displays the value from the MineMarket object (for example, the product name or organisation details).

Security Note: You need the Allow the user to create letters of credit security right in the Credit Management user group security rights group for this activity. After the letter of credit is saved, you need the Allow the user to edit letters of credit security right in the Credit Management user group security rights group.

Activity Steps

Open the Organisation.
Select the Credit Management tab.
Right-click in the Lines of Credit table and select New » Letter of Credit from the menu.
The Letter of Credit displays.
Complete the following fields as required.
- Name
- Number
- Applicant—Name of the person who applied for the letter of credit.
- Approved Credit
- Despatch Date—Date from which despatches can use the letter of credit. This field is advisory only and is not enforced.
- Open Date
- Expiry Date—Date up to which despatches can use the letter of credit. This field is advisory only and is not enforced. Unlike other line of credit types, multiple letters of credit can have the same expiry date.
- Minimum Tolerance—Amount to which the available credit for the letter of credit can fall.
- Maximum Tolerance—Amount to which the available credit for the letter of credit can be exceeded.
- Letter of Credit Type—Select from:
- Letter of Credit Category—Select from the Letter of Credit Category list items defined in the List Editor.
To override default MineMarket values for the buyer and seller when invoices are created:
1. Select the Parties tab.
2. Complete the following fields in the Buyer field group as required. Buyer field overrides are applied to the despatch order XML object's Buyer nodes.
  - Buyer Name—The maximum length is 150 characters.
  - Address
  - City—Select from the cities defined in the Country Editor for the selected Province/State.
  - Province/State—Select from the provinces and states defined in the Country Editor for the selected Country.
  - Country—Select from the countries defined in the Country Editor.
  - Postal Code
3. Complete the following fields in the Seller Details field group as required. Seller field overrides are applied to the despatch order XML object's SellerName and SellerBusinessAddress nodes. The SellerBusinessAddress node value is an aggregation of the invoice field override's seller address details with semicolon separators. For example, "Address; City; PostalCode; StateProvince; Country".
  - Seller—The seller for which to use any of the related fields if they display on an invoice, instead of the name and address details that are specified on the Details tab of the seller Company. Select from the companies defined on the Organisations panel of the Solution Explorer.
  - Seller Name—The maximum length is 150 characters.
  - Address
  - City
  - Province/State
  - Country
  - Postal Code
To override default MineMarket values for banks when invoices are created:
1. Select the Institutions tab.
  Bank field invoice overrides are applied to the despatch order XML object's BuyerTotalBank nodes, BuyerTaxBank nodes, SellerTotalBank nodes and SellerTaxBank nodes. Only the details of one of the letter of credit's banks are used in invoice overrides:
  - If details are provided for the confirming bank, these details are used.
  - If there are no details for the confirming bank, details from the negotiating bank are used.
  - Otherwise, details from the issuing bank are used.
2. For each of the issuing bank, negotiating bank and confirming bank as required:
  1. Select the Bank for which to use any of the related fields if they display on an invoice, instead of the name and address details that are specified for the bank in the Bank Editor. Select from the banks associated with accounts on the Banking Details tab of the Organisation.
  2. Complete the following fields as required.
    - Bank Name
    - Address
    - City
    - Province/State
    - Postal Code
    - Country
    - Bank Rate—Bank rate as a percentage.
To override default MineMarket values for locations and products when invoices are created:
1. Select the Despatches tab.
  If no locations, countries or products are defined, the letter of credit can be used for any despatch order. If any locations, countries or products are associated with the letter of credit, only despatch orders referring to those locations, countries or products can use the letter of credit.
2. Complete the following fields in the Locations field group as required. The location overrides are applied to the despatch order XML object's LoadingPoint, CountryOfLoading, UnloadingPoint, CountryOfUnloading, OriginName and DestinationName nodes.
  - Loading Location—Select from the port locations defined on the Supply Chain panel of the Solution Explorer.
  - Loading Location Name
  - Country Of Loading
  - Destination Location
  - Destination Location Name
  - Country Of Destination
3. To override a product:
  1. Right-click the Product table and select New from the menu.
    The product overrides are applied to the DespatchedProduct XML object's DespatchProduct node.
  2. Select the Product. The product or brand for which to use the Product Name and instead of the name specified for the Product or Brand. Select from the products and brands defined on the Material panel of the Solution Explorer.
  3. Update the Product Name.
To override default MineMarket values for notes when invoices are created:
1. Select the Notes tab.
2. Enter the Notes. The notes field override is applied to the despatch order XML object's FreeText node. The maximum length is 2000 characters.
To override other default MineMarket values when invoices are created, complete the following fields as required.
- Currency—The currency for which to use the Currency Symbol instead of the symbol specified in the Currency/Exchange Editor. Select from the currencies defined in the Currency/Exchange Editor.
- Currency Symbol—The currency symbol field override is applied to the despatch order XML object's InvoiceCurrency node.
- Delivery Term—The delivery term field override is applied to the despatch order XML object's DeliveryTerm node.
Return to the Credit Management tab of the Organisation.
Complete the following fields for the letter of credit.
- Credit Accepted Status—Despatch order status to indicate that the credit has been accepted. Select from the statuses defined in the Despatch Order status definition. Only the statuses that have the Selectable property enabled and the Closed property disabled display.
- Credit Rejected Status—Despatch order status to indicate that the credit has been rejected. Select from the statuses defined in the Despatch Order status definition. Only the statuses that have the Selectable and Closed properties disabled display.
- Credit Rate—Hierarchical credit rating for the organisation. Select from the Credit Rates list items defined in the List Editor.
- Scope—Select from:
Click Save.