Bills Receivable Statuses

During the life cycle of a completed bill receivable, the status of the bill changes over time. Some of these changes are necessary and normal, while others depend on specific events particular to a given bill.

This table lists each bills receivable status and its meaning.

Status	Meaning
Pending Acceptance	The bill was completed, but requires acceptance by the customer drawee.
Pending Remittance	The bill was completed, and, if necessary, accepted, and is ready for remittance.
Remitted	The bill was remitted to the bank for collection on the maturity date.
Factored	The bill was remitted to the bank for collection and an advance given for the bill amount.
Matured Pending Risk Elimination	A bill factored with recourse has reached the maturity date but is still open to risk of default.
Unpaid	Payment for the bill wasn't received on the maturity date.
Protested	The customer drawee protests a bill in the status Unpaid.
Canceled	The bill is canceled and the open debits returned to the original transactions.
Closed	A standard bill was paid, or a factored bill had its risk eliminated.