Settlements by a bill represent mutual settlements between suppliers of goods (services) and payers, the peculiarity of which is deferred payment. The possibility of this delay is provided for by a special document - a bill of exchange.
Such calculations are one of the forms of non-monetary payments that are characteristic of a market economy. Transactions with bills are governed by special bill legislation.
For a long time, a bill of exchange was understood as an exclusively debt receipt. However, today this term has acquired a new meaning. A bill of exchange in the modern sense is a document drawn up strictly in the form established by law adopted in June 1930 by the Geneva Convention. At its core, a bill is a written obligation, giving the drawer (its owner) the right to demand payment by the debtor of the amount of money indicated in the document.
There are promissory notes and transferable. Dummies are obligations that are not conditional on payment by a drawer of a certain amount on time. Such bills cannot be transferred to third parties. If the bill is transferable, then there is the possibility of transferring funds to the creditor by collecting them from his debtor. For this operation, a special endorsement is required .
Today, the most common form of payment is a bank bill. Settlements by the bill involve participation in all operations with their use by banking institutions. In other words, bills must be collected by banks, which means that they must carry out instructions of holders of bills.
Promissory notes transmitted to the bank must be provided with the pre-authorization inscription “for collection” or “for payment”. Thus, by collecting a bill of exchange, the bank accepts responsibility for presenting the bill of exchange to the debtor, as well as for receiving the payment due from him. After accepting the bill for collection, the bank sends the papers to the bank branch at the place of payment, while notifying the payer of the receipt of documents by summons. After the bank receives payment on a bill, the funds are credited to the customer’s personal account with notification of the latter about the execution of the order.
Settlements by a bill are carried out on the basis of payment terms, which are set individually depending on the type of transaction, the nature of the relationship between the seller and the buyer, etc. Dates can be set on a certain day (date is indicated), for a specific period from the date of preparation of the document, for the period “before presentation” and for a certain time (payment must be made no later than the hour indicated in the document).
For banking intermediation, which he renders when settlements are made with a bill of exchange, the client pays a commission fee (a percentage of the amount), and also covers all the costs of sending documents and accompanying bills. However, this mediation is beneficial for the client, because it allows you to shift the responsibility for meeting payment deadlines to the bank and guarantees quick and reliable receipt of funds from debtors.
Promissory notes have (in almost all cases) real security, therefore they are not only a means of payment. They are securities that are accepted as collateral.
The promissory notes in the form of collection are interest (assumes payment of not only debt, but also interest on it) and discount (discount on the bill means that the document lays the difference between the price of its sale and repayment).
Accounting of bills is carried out according to their types, payer enterprises, amounts of receipts, terms, which involve settlements by bills. Postings reflecting transactions with bills differ in debit and credit, depending on the features of the transactions. For example, when purchasing a third party bill of exchange, posting D58.2, K78 is done, when paying a bill - D76, K51 and so on.