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2017-05-02
the user interaction could be a little better, for example I don't like that when I'm on the Mybox tab, once I open a file and close it I keep getting directed to the dashboard. So I have to keep clicking back to the Mybox. Otherwise, great product! :)
2018-07-26
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2019-01-25
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I like that I can upload either my own documents or find documents online.
What do you dislike?
The tab feature does not work when I upload my own documents
Recommendations to others considering the product:
Go in and play with it and learn all the functions, otherwise it seems too expensive for simply filling in the blanks.
What problems are you solving with the product? What benefits have you realized?
Everything is legible. When you have the ability to type in fields, of a pre-typed form, other people have an easier time reading.
2019-05-22
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2017-11-15
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2021-11-17
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2020-08-31
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2020-08-30
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Is letter of credit an asset?
The letter of credit can be accounted for as an asset on the balance sheet. Record the bank's issue of the letter of credit. Debit a Letter of Credit account and credit Cash or Line of Credit account. This journal entry moves the payment amount from a cash or credit line account to the letter of credit account.
Is letter of credit on balance sheet?
Under Generally Accepted Accounting Principles, assets, liabilities, revenue and expenses are only recognized when they actually happen. Since a letter of credit guarantees a future liability, there's no actual liability to recognize. As a result, letters of credit are disclosed as a footnote to the balance sheet.
How does balance sheet show letter of credit?
The letter of credit can be accounted for as an asset on the balance sheet. Record the letter of credit's payment to the seller. Debit the Inventory or other asset account for the value of the goods purchased, and credit the Letter of Credit account for the payment issued by the bank.
Is a letter of credit a debt instrument?
Because a letter of credit is typically a negotiable instrument, the issuing bank pays the beneficiary or any bank nominated by the beneficiary. If a letter of credit is transferable, the beneficiary may assign another entity, such as a corporate parent or a third party, the right to draw.
Does a liability have a credit balance?
Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances. These accounts will see their balances increase when the account is credited. Their balances will decrease when they debited.
Is a letter of credit a cash equivalent?
Accrual taxpayers normally cannot defer income with a letter of credit since the receipt of a note is taxable regardless of the collateral arrangement. The IRS has often taken the position, however, that a letter of credit is a cash equivalent under IRC section 451.
Is Letter of Credit Safe?
As you know, letter of credit is a safe mode of payment commonly for any business especially in international business also. Because, letter of credit is opened by your buyer's bank to the seller's bank, mentioning beneficiary of LC as you (seller).
What are the advantages of letter of credit?
Letters of credit are indispensable for international transactions since they ensure that payment will be received. Using documentary letters of credit allows the seller to significantly reduce the risk of non-payment for delivered goods, by replacing the risk of the buyer with that of the banks.
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