Use this process to enter Bills of Exchange, to print and send these to Suppliers. The process starts in Supplier Bills of Exchange with entry of the Bill and matching it with the invoices it covers.When the Bill is saved, a payment is created and as well as a voucher in the hold table in IFS Accounting Rules. The matched invoices are paid and the supplier debt from the invoices (IP1) is removed, but a new supplier debt appears (PP26) 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 (PP7) or as a payment in advance (PP37). It later can be matched with invoices using the supplier offset feature. If the bill type used to create the bill of exchange is allowed for stamp duty, then stamp duty will be applied to the bill of exchange according to the information specified in the Stamp Duty window. The bill will be divided into several bills if the bill amount exceeds the specified limit, and stamp duty will be applied according to the information specified in the table for all the bills that have been created.
After entry, the status of the Bill is Created, and the open Bill is found in the AP ledger with its Series ID and number. Once the invoices are matched with the payment, the payment and the matched invoices will be assigned the same unique ID and a matching date. This shared ID will be shown, along with the invoices and payments, in relevant queries and reports to make it easy for you to identify which payments are connected to which invoices.
The next step is to print the Bills and send them to the suppliers. The printout is also done from the Supplier Bills of Exchange window.
The last step is to confirm that the Bills were cashed by the supplier and this is done in the Mixed Payment window. This will create a payment and also a voucher in the hold table in IFS Accounting Rules. The supplier debt (PP26) is removed and posted to the cash account (PP1). After this, the status of the Bill is Cashed.
For printing Bills, you have to specify some basic data, such as, how many invoice lines can be printed on each Bill page.
Supplier Bills can be specified in the accounting currency.
Before you start entering information check that Basic Data Required (BDR) has been set up as per instructions in Define Financials Basics, the Set up Basic Data Accounts Payable process.