Requirements for Posting a Check/Bill of Exchange in Accounts Payable
Requirements for Posting a Check/Bill of Exchange in Accounts Payable
To be able to post the bill of exchange and manage open items, the following is necessary:
Preparations for the Payment Program
To be able to issue the bill of exchange under the check/bill of exchange procedure, certain settings must be in place for the payment program. A short explanation follows below. A detailed description of the payment program can be found in FI Automatic Procedure.
A separate payment method is defined for the check/bill of exchange procedure in Accounts Payable. This payment method must be entered in the vendor master record.
The payment program enters the issue date and the
due date for the bill of exchange on the bill of exchange. These dates are specified as parameters for the payment run.The payment program must enter the address and other details of a bank on the bill of exchange. This is specified during payment program configuration. The bank may be different from the bank on which the check is issued. If no bank is specified for the check/bill of exchange, the payment program also enters the bank for the check on the bill of exchange.