Buy from abroad, and keep the paperwork straight
Record the letter of credit and the import purchase that goes with it.
- Letters of credit
- At sight or usance
- Import purchase entries
What is inside
Imports with every step recorded
From the bank's LC to the goods in your store.
Letter of credit
Record the LC with the bank's reference number.
At sight or usance
Choose the type of LC.
Consignments
Record shipments against the LC.
Landed costs
Add freight, duty and clearing charges.
Import purchase
Record the purchase of imported goods.
Its own currency
Each LC is recorded in its currency.
How it works
An import in three steps
From the bank to the store.
- 1
Record the LC
Enter the bank's reference and the type.
- 2
Record the shipments
Add each consignment against the LC.
- 3
Add landed costs
Record duty, freight and clearing charges.
A sample LC list
Letters of credit, by type
Each LC carries the bank's reference and its type.
LC reference
The number issued by the bank.
Type
At sight, or usance.
Amount
The value of the LC.
| LC reference | Type | Amount |
|---|---|---|
| LC-01 | At sight | 8,00,000 |
| LC-02 | Usance | 12,00,000 |
| Total | - | 20,00,000 |
Sample figures, not a real company. Amounts in rupees.
Common questions
Questions about import and lc
Short answers.
What kinds of LC can I record?
At sight and usance.
Can I record the bank's reference?
Yes. Each LC holds the reference number the bank issued.
Can I add customs duty?
Yes, as landed costs against the receipt.
See Hexabooks with your own numbers
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