Bills of exchange
This Process is applicable for accounting of bill of exchange & releasing payment against bill of exchange on due date. The bill of exchange is a written “Acceptence” by the drawee to pay money to the payee.
Vendor Invoice booking through SAP T Code MIRO / FB60
Following is the entry at time of Bill booking.
GRIR / Expenses A/c Dr.
To Accounts payable – Domestic Cr.
Bill of exchange payment – (SAP T Code F-40)
This process will transfer the outstanding amount from normal vendor reconciliation account to bills payable account with actual bill of exchange amount by selecting special G/L indicator (Bill of Exchange payable). Payable outstanding will still reflect under main vendor account with due date (as per bank) and with special G/L indicator.
Following is the accounting entry at time of F-40
Accounts Payable – Domestic Dr.
To Bill of Exchange Payable Cr. (with special G/L indicator)
To Discounting charges received Cr.
Payment with printout Header Data – SAP T Code F-58
This process is used for releasing payment to payee (Bank) on due date.
Following is the entry at time of F-58
Bill of exchange payable A/c. Dr. (With Special G/L )
To Bank A/c. Cr.
SAP T Codes to be used
F-40 : Bill of Exchange Payment
F-58 : Payment with printout
FK01 : Vendor Master
F-04 : Post with Clearing