A direct collection transaction allows an exporter to directly dispatch the draft and original documents to the collecting bank. A cover letter requesting the collection of payment from the buyer is included. When defining a Direct Collection, information is entered on eight tabs. Each tab is used to enter specific data. Click the Main Tab, Conditions Tab, Shipment Tab, Instructions Tab, Tracers Tab, Drafts Tab, and Others Tab links below for a description of the fields on those tabs. A red asterisk ( * ) indicates required fields.
Note:
The combined fields of Instructions to Citibank (16), B/L Reference Number (1), Agent Name (1), Agent Commission CCY/Amount (1) and Agent Payment Instructions (4) may not exceed 16 rows. Therefore, if all fields are completed, the Instructions to Citibank field may not exceed 9*63 (16-1-1-1-4=9). If, however, the Instructions to Citibank and B/L Reference Number were the only fields completed, then the Instructions to Citibank field could have a maximum number of 15*63 (16-1=15).
The combined fields of Instructions to Collecting Bank (20) and Courier Grid (2 per entry) may not exceed 20 rows. Therefore, if all fields are completed and there are two entries within the Courier Grid, the Instructions to Collecting Bank field may not exceed 16*63 (20-2-2 = 16). If, however, there are no entries within the Courier Grid, then the Instructions to Collecting Bank field could have a maximum number of 20*63 (20-0 = 20).
Click the Main Tab to enter transaction specific information.
Days (required if tenor code is Usance)
Tenor Terms (required if tenor code is Usance
Date
Click the Conditions Tab to enter the terms and conditions of the transaction.
Click the Documents Tab to identify documents to be included with the transaction. In the Documents field enter any document information, or click the Library Look-Up button and select document text from the Clause Text Library.
Click the Shipment Tab to enter shipping information for the transaction.
Click the Details Tab to enter detail information. Generally, this is purchase order or invoice information that you want to include with the transaction.
To manually add new purchase order or invoice information, click New. A Details Dialog box appears. Enter purchase order or invoice information and click Save. The Details Dialog box clears so you can enter additional information. When all details have been entered, click Close to close the dialog box. The new details appear in the detail form.
To add new transaction information by selecting details from the Details Data Pool Library, click Add. A Library Look-Up Dialog box appears. Select details from the list and click OK. Note: Once items are selected from the library, they are no longer available to use in other transactions.
To edit existing purchase order or invoice information, select the line in the detail form, and then click Edit. A Details Dialog box, containing the details of the first selected line, appears. Make any modifications to the details and click Save. If multiple lines were selected, the details of the next line appear. When this dialog box contains the details of the last selected line, click Save to close the dialog box.
To delete details, select the line in the detail form, and then click Delete. An Informational dialog box appears. Click Yes. The lines are removed from the detail form.
To view the totals of all of the amounts in the details list box, click Totals. A Totals Dialog box, listing the amount totals by currency, appears. Review the totals. To print the information, click Print. To return to the Details Tab, click Cancel.
Select the Copy Amount Total to Transaction Amount? check box if you want the total amount from the detail form to be the transaction amount on the Main Tab. Note: All amounts in the detail form must be in the same currency to use this feature.
Click the Instructions Tab to enter banking instructions for the transaction.
Click the Tracers Tab to enter the details of the acceptance and payment tracers.
The following fields are available for Acceptance Tracers, and Payment Tracers
Click the Drafts Tab to indicate that drafts should be printed.
Click the Others Tab to include additional information for the transaction.
Pre-Format Code
Courier Company Name
Courier Reference Number
Date of Dispatch
FX Contract Number
Additional Field 1
Additional Field 2
To add courier information, click New. A Details Dialog box appears. Enter the Courier Company Name, Courier Reference Number, and Date of Dispatch and then click Save. The Details Dialog box clears so you can enter additional information. You can enter a total of 4 transactions. When all details have been entered, click Close to close the dialog box. The new details appear in the detail form.
To edit existing courier information, select the line in the detail form, and then click Edit. A Details Dialog box, containing the details of the first selected line, appears. Make any modifications to the details and click Save. If multiple lines were selected, the details of the next line appear. When this dialog box contains the details of the last selected line, click Save to close the dialog box.
To delete details, select the line in the detail form, and then click Delete. An Informational dialog box appears. Click Yes. The lines are removed from the detail form.
To print the information, click Print. To return to the Details Tab, click Cancel.
Once all the necessary information is completed on all tabs, click Submit. The Submit Dialog box appears. To submit the transaction without adding any information to any libraries, click OK. The transaction proceeds to the next step as defined by your Flow Control requirements.
–OR–
To submit the current transaction and save it as a Pre Format. Select the Save as Preformat check box and enter a Preformat Code and Description in the appropriate fields. Selecting this check box creates a new Preformat Library profile that can be retrieved in the future to create a new transaction. You can also select the Add Counter Party to Trade Counter Party Library and/or the Add Bank Information to Trade Bank Library check boxes to add the counter party and trade bank information that you have entered into their respective libraries. Once all selections have been made click OK. The library profiles proceed to the next step as defined by your flow control requirements for each library and the transaction is subject to flow controls for transactions.
–OR–
Click Save to save all the entered information, whether complete or not, and return to the Input/Modify Tab. A saved transaction can be viewed from the Input/Modify Tab, and it carries an "Input" status.
Notes:
To clear all of the fields on any of the tabs, click Clear.
To return to the summary form at any time, click Return to Summary.