You can settle the bill of exchange when the invoice is due.

  1. Click > > > .

  2. Press CTRL+N to create a new journal.

  3. On the tab, select the remittance type and the bank account that was used when remitting the bill of exchange.

  4. Click .

  5. In the form, select the customer account for the invoice and click > .

  6. In the form, select the check box in the column for the remitted transaction from the invoice. Close the form to transfer it to a journal line.

    If the remittance type is , the default entry in the field is the same as the account in the field for the Remittance for discount posting profile.

  7. In the form, click > .

    Note Note

    If you receive an error message that mentions posting restrictions, you might be set up to post only journals that you created. For more information, see Posting restrictions (form).

  8. A new line with a status of and a sequence number of 1 or greater is created for the remitted bill of exchange and is shown in the inquiry form. In the inquiry form, the number in the is increased, and the number in the row is decreased.

    When you settle a bill of exchange that is remitted for discount, the Liabilities for discount account is debited and the Remit for discount account is credited.

    When you settle a bill of exchange that is remitted for collection, the ledger account for the bank used is debited and the Remit for collection account is credited.

Close settled bills of exchange

Use the form to change the status of a bill of exchange from to . You can see the number of honored bills and closed bills in the form.

  1. Click > Common Forms> .

  2. Select a bank account and click > .

    Note Note

    You also can open the form from the form.

  3. In the form, select a remittance file and click the tab.

  4. Select the check box.

See Also