Suppose a customer submits a request to LH COS to issue CO(s) in HK by debiting accounts in HK. After receiving the request, LH COS sub-divides the request into a number of sub-batches.
After that, LH COS follows the below steps to process each sub-batch:
1. LH COS calculates the total transaction amount and then initiates a transaction to DCP/OBS for the following:
* Debit the total transaction amount from the customer account.
* Credit the total transaction amount to the COS Suspense Account in CO currency.
Please note that the above transaction may involve exchange if the CO currency and the debit account currency are not the same. Under this situation, if exchange rate or contract information is provided by the customer, LH COS will include it in the transaction for further processing by OBS. Otherwise, OBS will deduce the customer prevailing rate based on the customer account and the total transaction amount.
2. After processing the transaction, DCP/OBS returns an acknowledgement to LH COS. If a negative acknowledgement is resulted, LH COS put the sub-batch into a work queue for users to follow up. Users should then gather information from DCP/OBS and decide the further action. In general, the following further actions are available for users:
* Reject the request of the customer (eg customer account contains error status).
* Repeat the transaction processing (eg force debit the customer account for the case when the insufficient fund found in the customer account).
* Proceed the system processing by bypassing the accounting entry generation. Under this situation, users should manually follow up the accounting transactions.
If a positive acknowledgement is resulted, transaction information like exchange rate or debit amount will be returned to LH COS for further processing.
3. If Bene-deduct charges are involved in the individual CO(s), LH COS calculates the total and initiates a transaction to DCP/OBS for the following:
* Debit the total bene-deduct charges from the COS Suspense Account in CO currency.
* Credit the total bene-deduct charges to the COS Commission Received Account in HKD.
Please note that the above transaction may involve exchange rate/contract information if the CO currency and the debit account currency are not the same. Under this situation, OBS obtains the system prevailing exchange rate for calculation.
4. After processing the transaction, DCP/OBS returns an acknowledgement to LH COS. If a negative acknowledgement is resulted, LH COS put the sub-batch into a work queue for users to follow up. Users should then gather information from DCP/OBS and decide the further action.
If a positive acknowledgement is resulted, transaction information like exchange rate or debit amount will be returned to LH COS for further processing.
5. After assigning CO numbers to each CO in the sub-batch, LH COS calculates individual transaction amount for each CO based on the returned information from DCP/OBS. If residue amount is induced, LH COS will settle it by initiating a transaction to DCP/OBS to transfer the residue amount from the Money Changer (MC) Dollars Difference Account to the COS Suspense Account in CO currency (or vice versa).
6. For each CO in the sub-batch, LH COS initiates a transaction to DCP/OBS for the following:
* Debit the individual CO amount from the COS Suspense Account in CO currency using the assigned CO number.
* Credit the individual CO amount to the Cashier's Order Account in CO currency using the assigned CO number.
7. After generating the corresponding transactions for each CO in the sub-batch, LH COS further allows users to print the COs. As the CO number should be matched with the serial number of the physical paper, new CO number should be assigned and reprinted in case of paper jam. To achieve this, LH COS initiates the following two transactions to DCP/OBS:
* One transaction is to transfer the individual CO amount from the Cashier's Order Account in CO currency to the COS Suspense Account in CO currency using the old CO number.
* Another transaction is to transfer the individual CO amount from the COS Suspense Account in CO currency to the Cashier's Order Account in CO currency using the new CO number.
Suppose a customer submits a request to LH COS to issue CO(s) in countries other than HK by debiting accounts in HK. After receiving the request, LH COS sub-divides the request into a number of sub-batches.
After that, LH COS follows the below steps to process each sub-batch:
1. LH COS calculates the total transaction amount and then initiates a transaction to DCP/OBS for the following:
* Debit the total transaction amount from the customer account.
* Credit the total transaction amount to the COS Suspense Account in CO currency.
Please note that the above transaction may involve exchange if the CO currency and the debit account currency are not the same. Under this situation, if exchange rate or contract information is provided by the customer, LH COS will include it in the transaction for further processing by OBS. Otherwise, OBS will deduce the customer prevailing rate based on the customer account and the total transaction amount.
2. After processing the transaction, DCP/OBS returns an acknowledgement to LH COS. If a negative acknowledgement is resulted, LH COS put the sub-batch into a work queue for users to follow up. Users should then gather information from DCP/OBS and decide the further action.
If a positive acknowledgement is resulted, transaction information like exchange rate or debit amount will be returned to LH COS for further processing.
3. If Bene-deduct charges are involved in the individual CO(s), LH COS calculates the total charges and initiates transaction(s) to DCP/OBS as follows:
If the charge currency is equal to the CO currency, one transaction will be initiated to DCP/OBS for the following:
* Debit the total bene-deduct charges from the COS Suspense Account in CO currency.
* Credit the total bene-deduct charges to the COS Commission Received Account in HKD.
If it is not the case, two transactions will be initiated to DCP/OBS as follows:
* One transaction is to transfer the total bene-deduct charges from the COS Suspense Account in CO currency to the COS Suspense Account in charge currency.
* Another transaction is to transfer the total bene-deduct charges from the COS Suspense Account in charge currency to the COS Commission Received Account in HKD.
Please note that the above transaction(s) may involve exchange rate/contract information if the CO currency and the debit account currency are not the same. Under this situation, OBS obtains the system prevailing exchange rate for calculation.
4. After processing the transaction, DCP/OBS returns an acknowledgement to LH COS. If a negative acknowledgement is resulted, LH COS put the sub-batch into a work queue for users to follow up. Users should then gather information from DCP/OBS and decide the further action.
If a positive acknowledgement is resulted, transaction information like exchange rate or debit amount will be returned to LH COS for further processing.
5. After assigning CO numbers to each CO in the sub-batch, LH COS calculates individual transaction amount for each CO. If residue amount is induced, LH COS will settle it by initiating a transaction to DCP/OBS to transfer the residue amount to/from the MC Dollars Difference Account.
6. For each CO in the sub-batch, LH COS calculates the total CO amount and initiates a transaction to DCP/OBS for the following:
* Debit the total CO amount from the COS Suspense Account in CO currency using a unique reference number.
* Credit the total CO amount to the corresponding Settlement Account in CO currency using the unique reference number.
7. After successfully processed the above transactions, LH COS initiates transactions to the corresponding HUB site (Depending on the issuing country) for further CO issuance. Please refer to
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