Bills of exchange selection for remittance

The value that is selected in the Remittance Control field on the Receivable Company Bill of Exchange tab dictates how you select bills of exchange for remittance. These controls are used:

1. With Remittance Control: Remittances consisting of BOE with the same maturity date are created by the system. If you select Remittance Control, then one journal entry is created for the entire remittance. This process parallels the way the banks process bills of exchange and creates an easier bank reconciliation.
2. Without Remittance Control: You can create a remittance form to present bills of exchange to your bank for cashing. If you do not select Remittance Control, then one journal entry for each bill of exchange is created by the system within the remittance.

After selecting bills of exchange, you have the option to discount them or encash them. To discount a bill of exchange means to sell it before the due date at a discount. To encash a bill of exchange means to hold it until the due date.