Introduction
The Bank Guarantee feature in Empress serves as a practical tool for businesses that engage in financial transactions requiring guarantees. It is especially useful for those who need to manage received or provided bank guarantees. This feature can be a critical part of your risk management strategy and can simplify the monitoring of your financial commitments.
Primary Functions and Benefits
With the Bank Guarantee feature, businesses can:
- Create and track bank guarantees: You can easily input the details of your bank guarantees, such as the bank, bank account, the amount, start and end dates, and more.
- Define the type of bank guarantee: Specify whether the guarantee is “Receiving” or “Providing”, helping to better classify and manage different types of guarantees.
- Track validity: Input the start date and validity in days to automatically calculate the end date. This helps you stay aware of guarantee expiration dates and manage renewals.
- Link with related documents: Link each bank guarantee to the relevant document, such as a contract or purchase order, for easy reference.
As a business user, you can view and edit these details from the user interface, without any need for technical expertise.
Steps to Use the Bank Guarantee Feature
- Navigate to the Bank Guarantee section.
- Click on the ‘New’ button to create a new bank guarantee record.
- Fill in the necessary details like the bank, bank account, amount, start date, and validity days.
- Specify the type of bank guarantee – whether you’re “Receiving” or “Providing” it.
- Link the bank guarantee to the relevant document by inputting the reference document type and document name.
- Click on the ‘Save’ button to save the record.
User Roles and Permissions
Users with the “Accounts User” role can create and view bank guarantees, but only users with the “Accounts Manager” role have the permission to delete and amend bank guarantees. This ensures a level of security and control over changes to your financial commitments.
Conclusion
The Bank Guarantee feature in Empress is a powerful tool for businesses, providing a streamlined way to manage financial guarantees. It offers visibility and control over your financial commitments, allowing you to better manage risks and operational efficiency. For further assistance or more information, check out our support resources or get in touch with our support team.