Use Letters of Guarantees (L/Gs) to record a guarantee request, including its beneficiary, issuer, responsible party, type, and requested value. Finance users use these records when a financial or contractual guarantee must be documented and retained with its supporting files. Access the feature from Finance > L/Gs.
Workflow
Start a new L/G record.
Open Finance > L/Gs and open the new L/G form.
Letters of Guarantees
Record the guarantee details before saving.
Complete the fields that identify the L/G:
Beneficiary: enter the party receiving the benefit of the guarantee.
L/G Issuer: enter the issuing party.
On Behalf of: enter the party for whom the guarantee is requested.
L/G Type: select or enter the guarantee type.
Requested L/G Value: enter the requested guarantee value.
Note: Review the beneficiary, issuer, and requested value together before saving. These fields form the core identification of the L/G record.
Decide whether to attach supporting documentation.
If you need to retain a document with the L/G, select Attach, then use Select to choose a file. You can also add a file by using or Drop a file here.
Choose how to finish the record.
Select Save to save the L/G and continue working in the form.
Select Save and Close to save the L/G and close the form.
Select Don't Save if you decide not to retain the entered information.
Tip: Use Save when you still need to review the record or add an attachment. Use Save and Close when the L/G details are complete.
Examples
A purchasing officer needs to document a guarantee requested for an externally sourced buyout.
Open Finance > L/Gs and start a new record.
Enter the following information:
Beneficiary: Northstar Construction Ltd.
L/G Issuer: Meridian Bank
On Behalf of: Apex Trading Co.
L/G Type: Performance Guarantee
Requested L/G Value: 50,000
Select Attach, use Select, and add the supplier’s guarantee request document.
Select Save and Close to retain the completed L/G record.
The L/G is then available in Finance for reference with its recorded parties, type, value, and attached supporting document.
Tips
Tip: Use a consistent naming approach for beneficiaries and issuers so that L/G records are easier to recognize when reviewing finance information.
Note: Attach the supporting request or related document while creating the L/G record to keep the financial record and its evidence together.
Warning: Selecting Don't Save discards the information entered in the current form.
Troubleshooting
Symptom
Likely cause
Fix
The L/G record is not retained after leaving the form.
The record was not saved, or Don't Save was selected.
Reopen the new L/G form, enter the details, and select Save or Save and Close.
A supporting document is not attached to the L/G.
A file was not selected or dropped into the attachment area.
Select Attach, then Select a file, or use or Drop a file here.
The L/G details need further review after entry.
The record was saved but requires additional checking.
Keep the form open by selecting Save, then review Beneficiary, L/G Issuer, On Behalf of, L/G Type, and Requested L/G Value.
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