LB Letter of Credit Management by LucidBrainz is a comprehensive Letter of Credit (LC) management module for Odoo 18. This module enables businesses involved in international trade to efficiently manage the entire Letter of Credit lifecycle — from creation and validation to payment tracking and period extension. Fully integrated with Odoo's Purchase Orders and Accounting module, it automatically generates journal entries for LC opening and bank expenses, supports multi-currency transactions with currency rate tracking, and maintains a complete audit trail of all changes. With branch-based access control, the module is perfectly suited for multi-branch import/export businesses, trading companies, and any organization that handles bank-guaranteed international payments!

• Complete LC Lifecycle Management: Manage the full Letter of Credit lifecycle from Draft to Open to Close in a single, streamlined interface. Auto-generated sequence numbers in LC/0001 format for easy identification. Status bar with clear workflow stages. Validate button to open LC, with automatic journal entry creation on validation. Auto-close when LC is fully paid.
• Purchase Order Integration: Directly link each Letter of Credit to a specific Purchase Order. Purchase Order lines auto-populate into the LC Products tab upon selection. Vendor auto-fills from the linked Purchase Order. Payment terms sync automatically from the Purchase Order. Domain filter ensures only unlinked POs from the same vendor are selectable, preventing duplicate LC assignments.
• Automatic Journal Entry Generation: Two journal entries are automatically created when an LC is validated. Opening Entry debits the LC Journal account and credits the Bank Journal account for the full LC amount. Bank Expense Entry records bank fees (percentage-based) as a separate expense entry. All entries are automatically posted and linked back to the LC record for easy traceability via the Journal Entries smart button.
• Multi-Currency Support: Full multi-currency support with automatic currency rate detection from Odoo's currency table. LC currency is inherited from the linked Purchase Order. Currency rate field for manual adjustment if needed. All amounts calculated in both foreign currency and local company currency. Currency conversion handled automatically for journal entries using Odoo's built-in currency conversion engine.
• LC Amount Increase (Change Amount Wizard): Increase the LC amount at any time when the LC is in Open state using the Change Amount wizard. Mandatory reason field ensures full accountability for every change. Amount history tab records every increase with date, user, amount, and reason. A new opening journal entry is automatically created for the additional amount. Validation ensures increase amount is always greater than zero.
• Expiration Date Extension (Extend Period Wizard): Extend the LC expiration date without closing and recreating the LC. Optional additional bank fees can be recorded along with the extension. Mandatory reason field maintains a full audit trail. Extend Period History tab shows all previous extensions with date, new expiration, expenses, and reason. Automatic expense journal entry created if additional fees are applicable.
• Payment Tracking & Auto-Close: Track payments directly from the Payment Register dialog. Link payments to specific LC records. LC Journal auto-populates in the payment form when an LC is selected. Remaining Amount field shows outstanding balance in real time. Paid amount accumulates with each payment. LC automatically transitions to Closed state when the full LC amount is paid, eliminating manual intervention.
• Bank Fees Configuration: Configure bank fees as a percentage (0% to 100%) directly on the LC record. Validation ensures percentage stays within valid range. Bank fees are automatically calculated on the LC amount and recorded as a separate expense journal entry during LC opening. Separate LC Journal and LC Bank Journal configuration for flexible accounting setup. Bank Expense Account field for precise expense categorization.
• Document Attachment Management: Attach supporting documents directly to each LC record via the Documents tab. Binary file upload with filename storage. Supports any file type — PDFs, scanned documents, bank guarantees, shipping documents, and more. Documents are stored securely within the Odoo system and linked to the specific LC record for easy retrieval during audits or disputes.
• Full Audit Trail with Chatter: Every change on the LC record is tracked via Odoo's chatter. Status transitions, amount changes, and field updates are all logged with timestamps and user information. Separate Amount Increase History and Extend Period History tabs for structured audit records. Mail tracking on key fields (date, expiration date, LC amount, state, bank fees, remaining amount) ensures nothing goes unnoticed. Full compliance and accountability for finance teams and auditors.
• Branch-wise Access Control: Built-in multi-branch support using Odoo's Branch module. Branch Managers have full access to all LC records across the organization. Branch Users can only view and manage LC records belonging to their assigned branch. Branch field auto-populates from user context during record creation. Flexible record rules ensure clean data separation between branches with zero configuration overlap.
• Additional LC Information Fields: Comprehensive LC details including Incoterms, Payment Terms, Charging Type (Partial/Whole), Delivery Date, Customs Clearance Number, Letter Credit Number, Bank, Responsible Person, and LC Type. On Time and Revolving LC types supported. Country field for tracking the origin country of the LC. All fields are editable in Draft state and become read-only once the LC is validated and opened.