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. |