Recording A/R Draft Remittances

Use the A/R Draft Remittance form to record draft remittances for customers.

There are two remittance options:

  • Drafts remitted for face value at the due date
  • Drafts remitted for immediate payment at a discount

Typically, you decide whether the draft is remitted for face value at its due date, or remitted now for a discount. If it is directly remitted, the remittance is posted and considered closed after receiving the bank statement. If the draft is discounted, the remittance is posted, but you must manually change the status back to Remitted after posting to debit the bank cash account.

This transaction shows all draft payments that have been posted in due date order. Select drafts based on their due date to update their status to Remitted or Discounted.

To record a draft remittance:

  1. Specify this information on the form:
    Bank Code
    Select the bank code.
    Bank Name (bank code)
    The name of the bank is displayed.
    Draft
    Specify the draft number.
    Customer
    The customer's number is displayed.
    Customer Name
    The name of the customer is displayed.
    Amount
    Specify the amount of the transaction.
    (Currency Code)
    The customer's currency is displayed.
    Payment Due Date
    Select the date that payment is due.
    Draft Status
    Select the status of the draft:
    • Remitted
    • Discounted
    • Posted
    • Printed
    • Accepted
    • Paid
    • Voided
    Remittance Posted
    Select this check box if the remittance has been posted.
    Customer Bank
    The customer's bank is displayed.
    Customer Bank Name
    The name of the customer's bank is displayed.
    Customer Bank Account
    The customer's bank account is displayed.
    Bank Number
    The customer's bank account number is displayed.
    Branch Code
    The bank branch code is displayed.
    Bank Address
    The address of the bank is displayed.
  2. Save the record.
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