Generally, your bank pays the bill of exchange once the due date recorded on the bill is reached. The payment is displayed to you by a bank statement. When you receive the bank statement, you post the payment to the bank account and clear the bill payable to the vendor account. The system posts the bill payment to the special G/L account automatically.

The payment is posted as follows:

1. You post the payment by bill of exchange to your bank account.
2. At the same time, you clear the bill payable to the vendor account. The system posts the bill payment to the special G/L account automatically.