How to track Letter of credit in FI Module.

Dear Gurus,
(Exports scenarios)
I have configured letter of credit for customer's export scenario. At end user level we are creating letter for credit using VX11N. Once the letter of credit is created, we link it to the sales order at header level in billing document tab - financial document field.
I would like to know how can we track this letter of credit in FI module? For example if we receive payment from the bank against letter of credit which is linked to sales order then how will we be able to track that letter of credit while entering the customer payment in FI module.
Also help me understand whether I am posting it to right forum, as I am posting the question for the first time here.
Please advice. Thank you.
Edited by: jayfanse on Jun 9, 2011 5:25 PM
Edited by: jayfanse on Jun 9, 2011 5:26 PM

Dear Jay,
We are also using letter of credit sale in our company but the LC payment is normal from accounting side when ever Accounts receive LC payment from the customer they will post it against customer account (Customer Code) and write the Text this payment against so and so LC and Commercial Invoice Number if you run FBL5N Report you can see this text.
There are some reports to check the LC sales scenario: VXA1, VXA2 & VXA3
Regards,
MH

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Dear Jay,
We are also using letter of credit sale in our company but the LC payment is normal from accounting side when ever Accounts receive LC payment from the customer they will post it against customer account (Customer Code) and write the Text this payment against so and so LC and Commercial Invoice Number if you run FBL5N Report you can see this text.
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Please tell me step by step from creating a letter of credit to paying
I have a business below:
1. The Clearing agent ask for amount, the person who receive the product will give Letter of Authority to Clearing Agent. The clearing agent move to bank and take check.
For this purpose, we just issue LA.
2. Prepare Purchase for the Vendor from whom we are going to receive the product. There may be 2 or more Vendors.
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           Vendor C a/c             Cr.
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Entry : Cenvat Clearing a/c Cr.
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5. Clearing of Cenvat Credit
Entry : Cenvat Clearing a/c Dr.
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            Cess on CVD a/c     Cr.
            Special CVD a/c     Cr.
6. After Bank payment they will transfter to us
Entry : Vendor a/c - Dr.
           Bank   a/c - Cr.
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Step by step
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Appreciate ur quick response thanks alot..
As u said i have to main in a transaction the informationof LC I have to do some setting anywhere so that it will have a link in the sales order.
Moreover u have been saying that something should be maintained in condition which will get determined could you please be lill alobarate in this.
Sorry for asking all these as i had not worked in LC till date.
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This cost are not known at the time of PO, so only purchase price is ascertain.
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In case of letter of credit and bank guarantee can a track be kept in sap for bill negotiated and due (means the vendor has claimed payment but payment from us to our bank is not due) ,
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Hi
Thanks for the answer I will try to explain my requirement .
In case of import and exports Letter of credit and bank guarantee are opened with the bank. There can be amendments also after its creation in terms , amount or validity period. Then it is negotiated and retired.
An example : A letter of credit is opened on 1st Jan. The goods are shipped on 7th Jan .Credit term given by our bank (in case of import) is 1 month which is counted from the shipment date and it expires on 7th feb. The vendor negotiates the bill on 15th jan.
The requirement is to get a report of u2018negotiated and dueu2019 and u2018negotiated and overdueu2019category.
Like from 15th Jan to 7th Feb the bill negotiated by the vendor comes under u2018negotiated and dueu2019 category and after that it comes under u2018negotiated and overdueu2019category.
List of letter of credits established , negotiated , retired and balance if any.
Letter of credit wise u2013 Bank charges paid. i.e at the time of opening , amendment , negotiation and retirement.
Same in case of bank guarantee also.
Plz explain me how can this be tracked and how to configure this.

How to track Letter of credit in FI Module.

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