Cash Allocation LAM - Chile and Peru - WP1

3. Citibank Bank Access

On a daily basis, we need to get the bank statements at Citibank's site. Firstly, open website on Internet Explorer https://portal.citidirect.com/portal/welcome/index and choose "Login Method" with "Challenge Response" and insert the "Login ID" then press "Continue" : 

In the next screen the website will generate a "CHALLENGE" , insert the PIN on token, press number "9" and press Entr on the Token and It will generate the "Response" to access the bank statement.

In the next screen click ‘Reports & Analytics’ and choose "Cash Statements Reports":

Then, select "Account Statement Details Report" and inform parameters as below:

Report will be available on "View available Reports":

Then, save it on GDrive of Accounts Receivable - Bank Statement.

4. Payment Scenarios

This section explains how to handle payments received in local bank Citibank accounts and apply to invoices from companies 7725 and 7722. The steps to be followed are described in this procedure.

4.1. Cash Application

Firstly, check the bank statement and find the customer account:

On “Customer Reference” you’ll find the tax identification number of the customer. For Chile, it’s called R.U.T. (Registro Único Tributário) and has nine characters (xxxxxxxx-x) and for Peru, it’s R.U.C. (Registro Único de Contribuyentes) and has eleven characters (xxxxxxxxxxx). Just as below, we will use the RUT/RUC to find customer account on SAP. 

Go to SAP transaction FBL5N, and fill in:

• Company code
  • 7725 – Chile
  • 7722 – Peru
• Open Items
  • Current day
• Type
  • Flag Normal Items
  • Flag Special G/L transactions
• Maximize.

When maximizing, a new option will appear. Choose “Multiple Selection”, and inform the number of the RUT/RUC between asterisks.

Please, check image below:

The customer account related to that RUT will appear. Flag it and press enter:

Then, press F8 (process):

Press F8 (process) again:

There you will find the statement of customer account:

After discover the customer account and the invoice that was paid, we will use other transaction, to clear account, F-32. 

Go to SAP transaction F-32, and fill in:

• Account Number
• Clearing date
  • Bank statement date
• Period
  • Current Period
• Company code
  • 7725 – Chile
  • 7722 – Peru
• Currency
  • CLP – Chilean Pesos
  • USD – Dollars
  • PEN – Peruvian Soles
• Press Process Open Items (Shift+F4).

Double click on invoice amount, until it gets blue.

Then, press “Charge off diff.”:

Now, we have to choose the bank account:

• • 7725 – Cytec Chile
    • 50020797 – Chilean Pesos
    • 50020798 - Dollars
  • 7722 – Cytec Peru  
    • 50020800 – Dollars
  • Account Type
    • S – G/L Accounts

Select the negative amount:

and simulate:

Then, we will see both clearings, one on customer account and other on bank account:

Save .

4.2. Advanced Payments

For some commercial reasons, some customers have to pay their orders before the orders were billed. Credit and Customer Service Teams always have information regarding these payments, if it is needed.

When we receive an advanced payment, we will post the amount on customer’s account and wait for the invoice document to perform the the clearing. 

After discovering customer’s account number, please to to transaction F-32, and fill in:

• Account Number
• Clearing date
• Bank statement date
• Period
  • Current Period
• Company Code
  • 7725 – Chile
  • 7722 – Peru
• Currency
  • CLP - Chilean Pesos
  • USD - Dollars
  • PEN - Peruvian Soles
• Press Process Open Items (shift+F4):

Since there's no open item on customer account the message below will appear:

Press ENTER and ESC and fill in:

• Posting Key: 19
• Account: Customer Account Number
• Special G/L: A

Then, press enter again and fill in:

• Amount
• Text “Advanced Payment + number of order(provided by Customer Service)”

Press simulate:

Then, select bank account:

• Bank Account
  • 7725 – Cytec Chile
    • 50020797 – Chilean Pesos
    • 50020798 - Dollars
  • 7722 – Cytec Peru  
    • 50020800
• Account Type
  • S - G/L Accounts

Select the amount, then simulate and save:

The amount will be available on FBL5N, so we can create the dispute case.

4.3. Unmatched Payments

Sometimes it is possible to identify the customer who made the payment, however without identify the invoices that customer is paying. For cases like this, we will post the amount received on customers account and open a detail missing dispute case, so the collector can check information with the customer.

After discovering customer’s account number, go to transaction F-32, and fill in:

• Account Number
• Clearing date
  • Bank statement date
• Period
  • Current Period
• Company code
  • 7725 – Chile
  • 7722 – Peru
• Currency
  • CLP – Chilean Pesos
  • USD – Dollars
  • PEN – Peruvian Soles
• Press Process Open Items (Shift+F4).

Press Enter and click on document overview:

Fill in:

• Posting Key: 15
• Account: Customer's account number

Press Enter and fill:

• Amount
• Text: "Detail Missing"

and simulate:

Then, select bank account:

• Bank Account
  • 7725 – Cytec Chile
    • 50020797 – Chilean Pesos
    • 50020798 - Dollars
  • 7722 – Cytec Peru  
    • 50020800 – Peruvian Soles
• Account Type
  • S - G/L Accounts

Select the amount then simulate and save:

The amount will be available on FBL5N, so we can create the dispute case.

5. Specifies of Companies

5.1. 7725 - Cytec Chile - Amounts Received in USD

Due to a specific law in Chile, all payments received in dollars are retained at the Central Bank of Chile. When customer makes payments to us, we receive an e-mail of the bank informing about the payment, then, we need to inform our bank manager Karin Cataldo (kcataldow@bancochile.cl) the reason of we are receiving the payment and which bank account should be credited. 

• Bank Account: BCO CHILE USD 109147508
• Reason:
  • 10400 – Product Export
  • 10005 – Services

Below, are some examples: