Exact Financials (v3)

Finance Manual - [Tables, Maintenance, Banking, Cheques & Bill of exchange, Cheque & B/E codes]

[Tables, Maintenance, Banking, Cheques & Bill of exchange, Cheque & B/E codes]

Cheque & B/E code

Cheque and bill of exchange codes are used to facilitate working with different types of checks and bills of exchange. A cheque or bill of exchange code contains the description of the type of check or bill of exchange, and can be linked to a general account to facilitate automatic entries by Exact Financials C/S when the status is changed. This combination of linked code, account and status is unique.

Create a system of bill of exchange codes to meet your requirements. You can define a different code for each type of bill of exchange. Then link the codes to general ledger accounts in [Tables, Maintenance, Banking, Cheques & Bill of exchange, Cheque & B/E accounts] for each status the cheque/bill of exchange goes through (received, to be cashed, to be discounted, etc.).

Example

PRN= Promissory note
B/E= Bill of exchange

If the chart of accounts is set up in a way that there are different debtor and creditor accounts:

40000 = Creditors
41000 = Suppliers
43000 = Debtors
44000 = Customers
44100= Foreign customers

And bill of exchange is used as payment method for all debtor and creditor accounts:

40100 = Creditors' bills of exchange to pay
41100 = Suppliers' bills of exchange to pay
43100 = Debtors' bills of exchange received
44100 = Customers' bills of exchange received
45100 = Customers' foreign countries bills of exchange received

You should define a bill of exchange code per type of debtor/creditor:

CBP= Creditors' bills of exchange to pay
SBP = Suppliers' bills of exchange to pay
DBR= Debtors' bills of exchange received
CBR= Customers' bills of exchange received
FBR = Customers' foreign countries bills of exchange received

This may be necessary because in [Tables, Maintenance, Banking, Cheques & Bill of exchange, Cheque & B/E accounts] the general ledger account can be linked to one code and status.

Finance Manual > Contents > Working with cheques and bills of exchange > [Tables, Maintenance, Banking, Cheques & Bill of exchange, Cheque & B/E codes]