Banking
Export LC — Advising Fee Income
Earning a fee for advising (authenticating and transmitting) a foreign LC to the beneficiary.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Customer Account (Fee Debit) | Liability (-) | 150.00 | - |
| LC Advising Fee Income | Revenue (+) | - | 150.00 |
💡 Accountant's Note
The advising bank verifies the LC's authenticity and transmits it to the exporter beneficiary. This earns a flat fee. The advising bank takes no credit risk unless it also confirms the LC.
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