Use the Letters Of Guaranties form to maintain a Letter of Guarantee (L/G), which records a bank-issued guarantee for a beneficiary. Finance officers use the form when an L/G is being prepared, reviewed, approved, monitored, returned, or closed.
An L/G progresses through review and operational stages, including Awaiting Approval, Approved, Running, Returned, and Closed. It can also leave the normal process as cancelled, liquidated, or expired where applicable.
Before you start
Sign in to the application before accessing L/G records.
Ensure that you have access to the Finance area and to L/Gs.
Have the required L/G information available before saving the form. The application validates required information when you save.
Steps
Sign in to the application by entering your credentials in Enter User Name and Enter Password, and then select Login.
Finance recordFinance record
Login
On the main navigation bar, select Finance, and then select L/Gs.
Finance recordFinance record
Locate the required L/G record in the L/G list. The list displays identifying and financial information, including the L/G number, beneficiary, L/G issuer, bank, requested value, issued value, and currency.
Open the L/G form that you need to maintain. Complete the required information available on the form.
Select Save to validate and save the L/G form.
The application checks required information before saving. If required information is missing, correct the form and select Save again.
Select Save and Close when you have completed the form and want to save the record and leave the form.
Follow the L/G approval and operational process as applicable:
An L/G requiring review moves to Awaiting Approval.
When approval conditions are met, the L/G can become Approved.
An approved L/G proceeds to Running for active management.
After the guarantee is returned, it becomes Returned and can then be Closed.
An L/G may instead be cancelled, liquidated, or expire when those outcomes apply.
If you need to mark an L/G as not approved, use Consider as not approved where this action is available. Review the L/G carefully before taking this action.
Warning: If an L/G has one or more extensions or deductions, it cannot be reverted to its initial requested stage.
Note: Leaving the form with unsaved changes displays a warning. Save the record before leaving the form when you want to retain your updates.
Tip: If editing is enabled for an offer that is already in the approval process, the offer must be approved again.
Troubleshooting
Symptom
Likely cause
Fix
The L/G form does not save.
Required information is missing or is not valid.
Complete the required information on the form and select Save again.
You receive a warning when leaving the form.
The form contains unsaved changes.
Select Save to retain the changes, or leave the form only if the changes are not required.
The L/G cannot be returned to the initial requested stage.
The L/G has one or more extensions or deductions.
Continue managing the L/G in its current process stage.
Approval cannot proceed.
The L/G is still awaiting the required approval.
Keep the L/G in Awaiting Approval until the appropriate approval is completed.
Result
The L/G record is saved and can continue through the applicable approval, running, return, and closure process.
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