Close Matured Bills Receivable Process

Use the Close Matured Bills Receivable process and report to create and apply receipts for standard remitted bills receivable, and to apply receipts and eliminate risk on bills receivable factored with recourse.

The corresponding report lists the adjustments to each bill receivable and shows all receipts that were cleared by the process run.

Process Tasks

You can run the Close Matured Bills Receivable process to accomplish a number of different tasks in relation to bills receivable remittances.

These tasks are:

• Create the receipt on the maturity date for standard remittances.

• Create the receipt when the remittance is approved for factored remittances.

• Unapply the receipt from short term debt and apply it to the bill receivable at the maturity date plus risk elimination days for remittances factored with recourse.

• Update the bill receivable status to Matured Pending Risk Elimination at the maturity date plus risk elimination days, and update the bill status to Closed for eliminating risk on bills receivable factored with recourse.

For standard remitted bills receivable, Receivables both creates the receipt and applies it to the bill receivable. The apply date is the same as the receipt date. Receivables normally performs these operations on the bill maturity date. If the bill was remitted with insufficient time for the bank to collect the funds from the drawee by the maturity date, then Receivables performs these operations on the remittance date plus the number of remittance bank collection days.

You can clear receipts for standard remitted bills receivable manually, or use the Clear Receipts Automatically process to clear receipts that have a clearance method of Automatic Clearing.

For bills receivable factored with recourse, Receivables applies receipts created at the time of remittance to bills receivable and eliminates the risk on each bill. The apply date is the bill receivable maturity date plus the number of risk elimination days.

Accounting Date Parameter

Enter the accounting date to use for the transactions generated by the process and report. You can enter any date in an open accounting period.

For standard remittances, Receivables uses the accounting date you enter unless the date isn't in an open period, in which case it will use the accounting date on the bill receivable. If the accounting date on the bill is also not in an open period, then it uses the first day of the next available open period.

For factored remittances, Receivables uses the accounting date you enter unless the date isn't in an open period, in which case it will use the accounting date entered for the remittance. If the accounting date entered for the remittance is also not in an open period, then it uses the first day of the next available open period.