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Procedure documentationSetting Up Bill of Exchange Processing Locate this document in the navigation structure

 

To activate bill of exchange processing in your company database, follow the steps below:

Note Note

You cannot deactivate bill of exchange processing after you have recorded bill of exchange transactions.

End of the note.

Procedure

  1. On the Company Details: Basic Initialization tab, select the Use Bill of Exchange checkbox.

  2. On the Document Settings: Per Document tab, in the Document field, select Deposit from the dropdown list. Select the Bill of Exchange Deposit checkbox if you want to split the business partner row in journal entries created by depositing several bills of exchange in one deposit.

  3. On the G/L Account Determination: Sales tab, click Browse (Browse) next to the Accounts Receivable field to open the Control Accounts - Accounts Receivable window. Select the default controls accounts for your customers and choose the OK button

  4. On the G/L Account Determination: Purchasing tab, click Browse (Browse) next to the Accounts Payable field to open the Control Accounts - Accounts Payable window. Select the default controls accounts for your vendors and choose the OK button

    Note Note

    • The control accounts you have defined in the G/L Account Determination window are set as the default for each new business partner.

    • Purchasing control accounts should be located in the Liabilities drawer in the Chart of Accounts, and sales control accounts should be located in the Assets drawer.

    • Bill of exchange related control accounts function as clearing accounts.

    End of the note.

  5. In the House Banks Accounts - Setup window, define bill of exchange related parameters.

  6. In the Payment Methods - Setup window, define bill of exchange related parameters.

  7. In the Business Partner Master Data window, define bill of exchange related parameters:

    • On the General tab, in the Agent field, enter the agent code of the business partner. An agent is an employee in your company who is responsible for bills of exchange (relevant only for Spain and Portugal).

    • On the Payment Terms tab, enter the bank account details of your business partners.

    • On the Accounting tab, General tab, click Browse (Browse) to open the Control Accounts window displaying the default control accounts. You can change these G/L accounts manually if no journal entry has yet been created with these control accounts for the business partner.

Result

After you have defined all the necessary settings, you can start processing bills of exchange.