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Companies develop strategies specific to their own institution in case they cannot collect the price of the sale on time or at all. One of the methods to be used in risky situations is "Collateral". Guarantees are taken to limit or eliminate risks. Assurance is an important element to ensure trust between business units.

Path:ERP > Finance Accounting >Risk and Guarantee >Guarantees

Recommendation: Taking guarantees ensures the progress of the works without putting the parties in a disadvantageous situation.

Attention: Collateral is frequently used, especially in tender-type or project-based studies. Guarantees are recorded on the Workcube "Guarantees" page.

Collateral Listing Screen

1. Listing Options;

Category: Search can be made by selecting the category of the collateral created.

Status: By selecting the status, the returned collaterals are listed.

Transaction Category: Only the returned collateral or collaterals can be listed with the transaction category options.

Branch, Bank and Current Account: Collaterals associated with the branch, bank and current account selections appear and can be displayed.

Project: Project selection is made to list the collateral linked to the project.

2. If a contract has been made for the listed guarantees, a contract icon appears in the contract column and when the icon is clicked, it goes to the relevant agreement page. You can read our "Agreements" article to get detailed information about the agreement page.

Click on the pencil icon and document number in the list to go to the collateral update screen. Controls and edits can be made on the screen.

Note: The update screen is the same as the registration screen. From the update screen, you can go to the extra "Collateral Refund" screen and "Time Extension" screens. For this reason, let's examine the fields related to registration on the update screen.

Guarantees Update Screen

1. Fields on the Update and Registration screen;

Member, Our Company, Our Branch: The company that receives/gives the guarantee and the branch affiliated to the company are selected. The member is selected from the company from which the guarantee is received or given.

Bank, Branch: The bank and bank branch where the guarantee amount will be deposited are selected.

Collateral Category: Category selections such as Mortgage or Guarantee Bond are made. These categories are saved with the "Collateral Categories" screen. Path: Control Panel > System > Parameters > Collateral Categories

Received/Given: Whether this collateral is a collateral received or a collateral given is selected.

Offer, Contract, Document Number: If there is an offer or contract registered in the system, the collateral is selected. can be associated with. The document number appears automatically.

Amount, Foreign Currency Amount: The collateral amount is entered.

Collateral Debt Account, Collateral Receivable Account: Relevant accounting account selections are made in order to follow the accounting transactions of the collateral I have received or given.

Responsible. Department: The department dealing with the collateral is selected. It is not a mandatory field.

Start/End Date: The date on which the coverage will start and end date is selected.

Project: If it is a project-related guarantee, the guarantees are generally dependent on the project. The relevant project is selected.

Document, Expense: If there is a document related to assurance, it is uploaded to the system from this area. If there is an extra expense when giving or receiving the guarantee, the expense amount is entered.

Commission: Commission field is not mandatory.

2. Time Extension; Let's look at the time extension registration screen;

If the guarantee to be received in this area has not been paid on time, if the relevant customer is of strategic importance to us or if the initiative is desired to be used, a time extension for the guarantee can be made.

In the transaction type, the guarantee is selected. The last date of the extended period is selected. The amount of damage, or expense, incurred by the expired guarantee to the company is also entered. Finally, the currency to be paid is selected.

3. Collateral Return; The expired guarantee is refunded. On the collateral refund screen, transaction type "Collateral Return" is selected. It can change automatic incoming dates and accounts. If desired, an explanation can be added.

Attention: Editing cannot be done on returned collateral.

You can make changes to the collateral with the help of the icons in the top menu. It can control the date of records and the offset voucher. Documents can be added and checked.

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About Workcube Objects

Collaterals

One of the methods to be used in risky situations is "Collateral". Guarantees are taken to limit or eliminate risks. Guarantees received/given or mortgages placed are recorded on this page.

Type: WBO Version: Catalsyt v5 Licence: Standard Author: Workcube Core