Terminology

1. FICO: Financial Accounting and Controlling.

2. Bank Guarantee: It is a legally binding document issued by a bank or other financial institution on behalf of a client to a supplier to enable the client to obtain goods or services from a supplier on credit for an agreed time period. It is a formal assurance by the bank to make payments to a supplier in an event where the client fails to meet their part of the debt obligation.

3. Rate Debit Note: When the supplier has charged some excess rate for the raw material in invoice and for the price difference we will raise this note.

4. Credit Note: It is a document used to adjust or rectify errors made in a sales invoice which has already been processed and sent to a customer. If you have already sent an invoice to a customer but now need to provide a credit note. There are two types of credit note:

•Rate credit Note- Unit Price Overcharged

•Quantity Credit Note – Goods Short Shipped