Enter Customer Bill of Exchange Information

Explanation

This activity is used to enter information about Bills of Exchange, received from customers. General Bill information to be entered includes customer, currency, amount and due date. You also specify the cash account to which the bill should be cashed. You can also specify a bill type when entering the bill of exchange information. The bill type selected will determine the features that will be used when entering the customer bill of exchange payments. The features relevant for each bill type is specified by selecting the relevant parameters for the Customer Bill of Exchange document type in the Payment Documents page.

Before saving the bill you can match it with invoices, according to what is specified on the bill. See further the Enter Matched Customer Invoices activity. When the bill is saved, the matched invoices are paid and the customer claim from the invoices (IP2) is removed, but a new customer claim appears (PP27) which is represented by the entered open Bill of Exchange. If the bill is not completely matched with invoices, the remaining, unmatched part is stored as a payment on account, which can later be matched with invoices in the Customer Offset function. After entry, the status of the bill is Created, and the open bill is found in the AR ledger with its Series ID and number.

If the Bill was originally printed from a customer payment document proposal and sent to the customer for approval, you can copy this preliminary bill from the proposal into the customer Bill of Exchange entry and save it as a Confirmed bill including the matching of all included invoices.

Customer Bills of exchange can be specified in the accounting currency, or if the accounting currency is an EMU currency also in EUR.

When matching a bill of exchange with invoices, you can mix EMU currencies. A Bill in EUR can for example cover invoices in DEM or FRF.

• Open the Customer Bills of Exchange page. Enter the bill of exchange information, one line per bill.
• Create a new record.
• Enter the payment document proposal ID in the Payment Doc ID field if the bill of exchange you are going to enter is already included in a payment document proposal. If payment document proposal is entered, the Due Date field will change to the date of the proposal.
• If the Customer Bill of Exchange document type in the company is connected to the bill types, the default bill type and the default series ID of the bill type will be retrieved to the Bill Type field and the Series ID field. You can change the bill type used for the payment, as long as it is connected to any Customer Bill of Exchange series ID in the Payment Documents page.  
• Enter the ID of the customer in the Customer field. The currency rate information will be automatically populated based on the selected customer. You can modify the currency information if required.
• The default series ID connected to the selected bill type will be displayed in the Series ID field. You can select a different series ID connected to the same bill type. 
• The number to be used with the bill of exchange payment is specified in the No field. If the number is set to be auto-generated by the system, then the number will be assigned when saving the bill of exchange according to the information specified in the Payment Document Number Series page. (This window can be reached by selecting the Payment Document Number Series use command button option in the Payment Documents page.)
• In the Cash Account field, specify the cash account to be used when cashing the bill.
• Enter the amount of the field in the Amount field. 
• When you save the information, a message will appear stating that the Bill of Exchange is not fully matched. Click OK in the message if you want to create a payment on account for the Bill of Exchange. Click Cancel to proceed with the Enter Matched Customer Invoices activity.

Prerequisites

General basic data and a customer must exist.

System Effects

When a customer bill of  exchange has been entered and saved, all matched invoices are paid, and an Open Customer Bill of Exchange ledger item is created with the full bill of exchange amount. If the bill of exchange is not fully matched, the remaining part will create a new Payment on Account with the unmatched amount. A voucher will be created in the hold table in IFS Accounting Rules.

Pages

Customer Bills of Exchange

Activity Diagrams

Enter and Match Customer Bill of Exchange