Letter of Credit for imports, openning amendment and closing process

Question

Hi All,
Can any body explain the process for the letter of credit opening amendment and closing process for imports.
ur earliest response would be highly appreciated.
Thanks & Regards,
Althaf.

Answer 1

Hi Phani
Thank for your help
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.
1. Product cost to be transferred to Vendor A
2. Freight or Other Charges to Vendor B
3. Customs Duty and Others to Vendor C
3. First We have to pay Customs Duty to Commissioner of Customs after LA issued.
Entry : Customs Clearing a/c   Dr
           Cess on Custom a/c    Dr
           CVD Clearing a/c       Dr
           Cess on CVD a/c       Dr
           Special CVD a/c        Dr
           Vendor C a/c             Cr.
4. Cenvat credit for the product will be taken by person who handling Excise in that company
Entry  : Cenvat Clearing a/c Cr.
            RG23A Part II   a/c Dr.
5. Clearing of Cenvat Credit
Entry  : Cenvat Clearing a/c Dr.
            CVD clearing a/c    Cr.
            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.
Please tell me how to configure and post accounting entries
Step by step
Thank you very much
Minh