When a claiming bank (CLB) has already been entered when the contract is opened, but the claim is incurred with another bank (the presenting bank (PRB)), the 'Claimed by' combo box is activated. The default value here is the claiming bank, but the presenting bank can be selected.
If necessary, the amount to be settled can exceed the amount open and still be settled, despite overdrawing funds.
There are several possible scenarios, whereby scenario 1 is defaulted as the most frequently used one. All other scenarios described lead to a subcontract (RC) being created, since the reimbursement claim cannot be settled immediately.
Receipt of a Reimbursement Claim before Expiry of Authorization
An unconfirmed reimbursement claim is honored, if the issuing bank has sufficient funds. In such a case, the reimbursement claim is settled directly through the account of the issuing bank for the total amount claimed plus any reimbursing bank charges. The open amount is reduced by the amount claimed, the liability is reduced accordingly and the closing date of the contract set to current date.
If the reimbursing bank has confirmed the reimbursement towards the claiming bank, any reimbursement claim must be honored.
A received reimbursement claim cannot be honored if the issuing bank has insufficient cover on its account. This status is indicated on the 'Claim' panel through a checkbox 'Insufficient Funds'. If the checkbox is checked, the reimbursement claim remains outstanding, the open amount will be reduced but no settlement is done.
Receipt of a Reimbursement Claim after Expiry of Authorization
If the contract is subject to Article 7 of URR (latest version) (if the checkbox is checked),an expiry date must not be considered as the reimbursement instructions are still valid, even after the expiry date has passed. In such a case, the issuing bank would have to inform the reimbursing bank that the authorization is no longer valid. If a reimbursement claim is received after expiry, a message is sent to the issuing bank.
If the checkbox is unchecked (contract is not subject to Article 7 of URR), this means that the expiry date of the reimbursement authorization must be entered. Receipt of a reimbursement claim after expiry can only be honored after authorization from the issuing bank. A message is sent to the issuing bank, asking them for authorization.
The above Scenarios (2, 3 and 4) are some cases, where a received claim is registered but not settled under this transaction.
The claim is marked as 'pending' and can be settled at a later date through the transaction 'Settling a Late Payment' (RCTLAT).
The reimbursement bank registers and settles a reimbursement claim using RCTSET transaction.
Select it from the menu item[Other Products -> Reimbursement -> Claim-> Receive Reimbursem. Claim ].
When you have made your changes, click on the ( ) Save function to save all the the data entered in the transaction to the database.