Guarantee Card/List
Guarantees are defined in the Guarantee Card, which can be opened from the Guarantees list via the Tell Me feature or from Customer/Vendor/Bank Account/Project Cards.
General FastTab
The fields in the General FastTab provide basic information about the guarantee. Each is described in the following table.
| Field Group | Field | Description |
|---|---|---|
| No. | Specifies the unique identification of the guarantee. | |
| Description | Specifies a short description of the guarantee. | |
| Guarantee Type | Specifies the categorization of the guarantee. | |
| Guarantee Channel | Specifies the inbound or outgoing processes of the guarantee: - Holder (Inbound): Indicates that you received the guarantee from, e.g., vendors or subcontractors. With this setting, the selected Contact Type is usually Vendor. - Surety (Outgoing): Indicates that you inquired the guarantee from, e.g., your insurance company. With this setting, the selected Contact Type is usually Customer. |
|
| Guarantee No. | Specifies the number of the guarantee, usually on the guarantee certificate provided by the drawer. | |
| Status | Specifies the status of the guarantee. The options are: - New: used when the guarantee is created. - Unchecked: used after entering the guarantee to signal it can be checked. - Active: used when the guarantee was checked and running. - Inactive: used when the guarantee is returned. - Requested: used for both customer and vendor side. - Claim: used if the guarantee is claimed. |
|
| Person Responsible | Specifies the person who is responsible for the guarantee. This is for instance a clerk of the purchasing department, the sales department or from the project management. | |
| Contact | Contact Type | Specifies the type of contact of the guarantee. For an outgoing guarantee, it is usually the Customer, and for inbound, it is usually the Vendor. This customer/vendor may be assigned to a sales/purchase order. |
| Contact No. | Specifies the customer or vendor. | |
| Contact Name | Specifies the name of the selected customer or vendor. | |
| Contract Term | Start Date | Specifies the start date of the guarantee. |
| Duration | Specifies a date formula that is used with the Start Date to calculate the Due Date. | |
| Due Date | Specifies the end of the guarantee period, either manually entered or calculated from the Start Date and Duration fields. | |
| Amounts | Currency Code | Specifies if the guarantee is handled in a foreign currency which means the guarantee amount is entered in foreign currency. NOTE: The amounts are not converted to local currency for guarantee limit tracking. That means the guarantee limit must be in foreign currency accordingly for tracking. |
| Original Amount | Specifies the value of the guarantee, which could be the sales order amount. | |
| Guarantee Amount | Specifies the amount of the guarantee. | |
| Remaining Amount | Specifies the remaining amount of the guarantee. This value will be adjusted accordingly if full or partial releases of liabilities are created automatically or manually in the Guarantee Ledger Entries. | |
| Return Amount | Specifies the amounts of partial returns or if later the guarantee is returned completely to the bank or vendor. This value will be adjusted accordingly if full or partial releases of liabilities are created automatically or manually in the Guarantee Ledger Entries. |
If a guarantee is created from the Customer or Vendor Card, the corresponding fields in the Contact group will be updated accordingly.
References FastTab
The fields in the Reference FastTab allow you to attach a guarantee to a project, bank account, drawer, or sales/purchase order. A reference is not required to use the guarantee.
Each is described in the following table.
| Field Group | Field | Description |
|---|---|---|
| Project No. | Specifies the number of the project this guarantee is related to. | |
| Bank Account No. | Specifies the number of the bank account this guarantee is related to if the bank is the drawer. | |
| Drawer | Drawer Type | Specifies the type of drawer, which could be a Vendor or Customer. |
| Drawer No. | Specifies the number of the vendor or customer. | |
| Document | Document Type | Specifies the sales or purchase document this guarantee is related to. |
| Document No. | Specifies the number of the sales or purchase document. |
If an assignment is made, then the guarantee will also be accessible from the record:
- Bank Account Card > Related menu > Bank Acc. > Guarantees
- Project Card > Related menu > Project > Guarantees
- Purchase Order/Sales Order > Related menu > Order > Guarantees
If a guarantee is created from the Project or Bank Account Card, the corresponding field will be updated accordingly.
Status FastTab
The fields in the Status FastTab are informational, allowing you to assign other relevant dates to the guarantee, such as approval/release/obtained dates. You can also add notes about the return in the Return Notation field.
Guarantee Cost FastTab
The fields in the Guarantee Cost FastTab contain the costs related to acquiring the guarantee because it costs money to get a guarantee from a bank or an insurance company.
The costs are usually offered as a flat fee, or a percentage of the Guarantee Amount, and there can also be an issue cost. Therefore, the Flat Fee or Fee % + Issue Cost = Guarantee Fee per period.
These costs are used for tracking purposes and are not posted.
The fields in the Guarantee Cost FastTab are described in the following table.
| Field | Description |
|---|---|
| Date from / Date until | Specifies the date range of the cost. |
| Fee % | Specifies the fee percentage for the period. This field cannot be populated if the Flat Fee field is populated. |
| Flat Fee | Specifies the flat fee for the period. This field cannot be populated if the Fee % field is populated. |
| Issue Cost | Specifies additional fees for the issuance of the guarantee. |
| Guarantee Fee | Specifies the automatic calculation of the Fee % * Guarantee Amount, or Flat Fee, plus the Issue Cost. |
Guarantee Fee Calculation
An example of the calculation of the Guarantee Fee field is described in the following table.
| Guarantee Amount | Fee % | Flat Fee | Issue Cost | Guarantee Fee |
|---|---|---|---|---|
| 500,000.00 | 2.50 | 12,500.00 | ||
| 500,000.00 | 2.5 | 87.50 | 12,587.50 | |
| 500,000.00 | 10,000.00 | 10,000.00 | ||
| 500,000.00 | 10,000.00 | 87.50 | 10,087.50 |
Actions
The actions are described in the following table.
| Menu | Action | Description |
|---|---|---|
| Home | Purchase Order/Sales Order | Opens the purchase/sales order assigned in the Reference FastTab. |
| Guarantee | Ledger Entries | Opens the Guarantee Ledger Entries page, which are used for documentation of partial releases of liabilities. That means if the guarantee amount is reduced or if at the end you reduce the amount by returning the guarantee, a ledger entry is created automatically or can be done manually. NOTE: Guarantee Ledger Entries are not required. No postings are related to them, and they are only used for documentation purposes. |
| Related > Guarantee | Comments | Opens the Project Comment Lines page, where internal information and additional instructions can be managed for each guarantee. |
| Drawer | Opens the card of the vendor or customer assigned to the Drawer No. field in the References FastTab. |
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