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Amendments & Discrepancy Management

PrismERP offers a comprehensive solution for managing amendments to Letters of Credit (LC) and handling discrepancies efficiently. This feature ensures that any changes or issues related to LCs are tracked, resolved, and documented promptly to maintain smooth international trade operations.

Overview​

In international trade, Letters of Credit often undergo amendments due to changes in terms, conditions, or shipment details. Discrepancies may arise from mismatches in documents or compliance issues. PrismERP’s Amendments & Discrepancy Management module helps users record, monitor, and resolve these modifications and inconsistencies effectively, minimizing delays and financial risks.

Key Features​

  • LC Amendments Tracking Record and monitor all amendments made to Letters of Credit, including changes in terms, dates, amounts, or conditions.

  • Discrepancy Identification Automatically flag discrepancies found in LC documents versus shipment or invoice details.

  • Resolution Workflow Manage the approval, communication, and correction process to resolve discrepancies promptly.

  • Audit Trail & Documentation Maintain a detailed history of amendments and discrepancy resolutions for compliance and audit purposes.

  • Notification & Alerts Notify relevant stakeholders of amendments and discrepancies to ensure timely action.

  • Integration with Shipment & Finance Link discrepancies to shipment status and financial documents for comprehensive oversight.

Integrated With​

  • Letter of Credit Management
  • Shipment & Shipping Document Management
  • Financial & Accounting Modules
  • Notifications & Alerts System
  • Compliance & Audit Reporting

PrismERP’s Amendments & Discrepancy Management module simplifies the complex process of handling LC changes and document inconsistencies, supporting smooth and secure international trade transactions.