Finance Suite - Invoicing Kit Customer, Vendor Self Billing and Third Party

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1 Finance Suite - Invoicing Kit Customer, Vendor Self Billing and Third Party This module handles the production of sales invoices; purchase self- billing invoices, movement instruction invoices, oncost invoices and pre-payment invoices. Invoices are prepared according to selection parameters entered by the user or alternatively defaults selected. These can include a range of: Customers Customer Account Type Commodities Division Department Contract number Invoice Cycle Receipt date Trader Partial or provisional percentage invoices may also be selected and can optionally include or exclude price adjustments and levies. This includes adjustment for final confirmed delivered shipments. The software uses predefined tax schedules to calculate any taxes due for each receipt together with any price adjustments necessary for quality while applying levies that may be applicable. A pre-list summary of each invoice is presented to the user and text may be added to each invoice prepared. Individual line items may be selected from each invoice and options exist to drill down to the individual shipments making up that line. Options are also provided to place individual invoices on hold and to exclude them from final preparation. An invoice pre-list option is available allowing user verification prior to confirming and registering each invoice within Receivables for sales invoices or payables for vendor invoices. Customer Invoicing Review pre-list invoices prior to authorizing Options to include or exclude invoices Full and provisional invoicing options Posts invoices and transactions directly into receivables or payables Updates traders commissions Removes items from Kit trading accruals reports

2 Finance Suite - Invoicing Kit Vendor and On-Cost This module handles the recording of vendor invoices received for the purchase of commodities and also for the services or charges applied via on-costs. The software allows the user to record and register the invoice received and then to allocate those details against shipments, movements or on-costs that remain unpaid within the system. As this allocation takes place Kit TM will validate the invoice received against the outstanding details selected in the system. Options are included to accept or reject any invoice where the values differ for those calculated. As with customer invoices, partial or provisional percentage invoicing options can be selected. Vendor and Third Party Invoicing Online checking of items selected against incoming invoice received Invoices cannot be posted or paid twice Full and provisional invoicing options Posts invoices and transactions directly into payables Removes items from Kit trading accruals reports Load cost allocation provides profitability at a movement or shipment level

3 Circles & Differences (Strings and Washouts) Within Kit the term difference or washout refers to situations in trading where the company is purchasing a commodity from a company that it is also selling to. When this situation arises an option exists to invoice the difference between the buying and selling price without as a paper based rather than physical transaction. The term circle or string is a similar type of transaction however the system invoices more than two counter parties involved in the circle or string trade. In this case the commodity is invoices at the lowest common price for the circle or string and each counter party involved produces invoices based on the difference between their agreed price and the lowest common price. Reduces data recording One transaction is recorded generating all information necessary for receivables or payables

4 Trade and Credit Limits The Trade and Credit Limit Modules covers a broad range of Trading and Counter Party Risk Management, allowing for the definition of limits related to a trade contract and release or movement instruction, which would result in outstanding receivables. Trade Limits monitor the total open trades in the system for a counter party or grouping of counter parties. Credit Limits monitor the exposure of accounts receivable (unpaid invoices) for a trading counter party. Set and monitor Trade Limits at Company, Division and Department level Set and monitor Credit limits for individual Counter Parties or groups of Counter Parties according to group organizational structure Trade and Credit limits include user defined tolerances Separate Trade limit values for purchases, sales or aggregated values Option to set and control blacklisting (Hold status) of Counter Parties or Groups of Counter Parties Monitor Trade Limits and Credit Limits at the contract entry and release or movement instruction entry Any transaction which would violate a Trade or Credit Limit may be held pending authorization Company Control parameters included such that while a Trade Limit is exceeded, further transactions for a Counter Party or Group of Counter Parties require authorization

5 Pre-Paid Contracts The Prepayments module allows the user to create and amend prepayment schedules for a physical contract. Prepayment invoices for receivables or payables may then be generated from the system as appropriate. The resulting transactions are then tracked through to the financial system from Kit User defined payment terms for both receivables and payables prepayments User defined payment start date, number of payments and frequency e.g. weekly, bi-weekly, fortnightly, monthly etc. Automatically tracks all prepayments invoiced and payments made