Commercial Bill Payment Method And Its Accounting

A commercial bill is a note issued by the payee, the drawee or the accepting applicant and accepted by the acceptor and paid to the payee or the endorser at the due date.

According to the acceptor, commercial draft can be divided into commercial acceptance and bank acceptance.

Commercial draft must comply with the following principles:

First, a commercial bill must be a legal person who opens an account in a bank.

Second, the issuance of commercial drafts must be based on legitimate commodity pactions and prohibit the issuance of bills without commodity pactions.

Third, after acceptance of a commercial bill, the acceptor has the duty to pay the bill unconditionally and unconditionally.

Fourth, commercial draft shall not be extended for a maximum period of 6 months.

For instalments, a number of bills of exchange with different maturities should be issued at a time.

A commercial acceptance bill refers to a bill issued by the payee, accepted by the drawee or issued and accepted by the drawee.

Commercial acceptance of bills of exchange may be issued by both parties respectively.

If a commercial acceptance bill is issued by the payee, it should be accepted by the drawee. If a commercial acceptance bill is issued by the drawee, it should be accepted by me.

The drawee must sign the "acceptance" words on the front of the commercial acceptance bill and affix the reserved bank seal, and then deliver the commercial acceptance bill to the payee.

The payer shall deposit the full amount of the bill before the expiry of the commercial acceptance bill, and the bank will pfer the sum from the payer account to the payee or the discount bank on the maturity date.

The drawee has the duty to pay the bill of payment unconditionally and unconditionally.

If the bill is due, the drawee's bank account is insufficient to pay the fare. The bank will not be liable for the payment but only responsible for the refund of the draft to the payee.

At the same time, a bank fines a penalty for issuing a blank check.

1. accounting treatment of the payment unit.

(1) the purchase of a commercial acceptance bill at the time of purchase, and the unit of sale should be recorded as follows:

Borrow: merchandise purchase * * *

Tax payable - value added tax (input tax) * * *

Credit: notes payable -- commercial acceptance bill * * *

(2) when the bill is due to pay the bill, the buyer shall receive the notice of payment from the Bank of the account.

Note payable: commercial acceptance bill * * *

Loan: bank deposit * * *

2. accounting treatment of receivables.

(1) a sales enterprise receives a commercial acceptance bill which has been accepted by a buying enterprise.

Borrowing: notes receivable -- commercial acceptance * * * *

Loan: tax payable: value added tax (output tax) * * *

Merchandise sales revenue * * *

(2) when a sales enterprise deposits the bill of exchange due to be deposited with the opening bank, after receiving the notification from the bank, it shall make the following entries:

Borrower: bank deposit * * *

Credit: notes receivable -- commercial acceptance bill * * *

A bank acceptance bill is a bill issued by a payee or an accepting applicant and applied by an applicant to the Bank of account for acceptance and acceptance by the bank.

When using the bank acceptance bill to settle accounts, the applicant accepts the bank acceptance bill and the purchase and sale contract to apply to the bank.

In accordance with the relevant policy requirements, the bank will examine the application and comply with the terms of acceptance. The bank can sign a contract of acceptance with the applicant, sign the bill and stamp the amount of the draft with the pressure machine. Then the bank acceptance bill will be delivered to the recipient and pferred to the payee.

The acceptance bank will charge a fee to the accepting applicant at the rate of 5 per cent of 0 of the face value.

The acceptance fee of less than 10 yuan is charged at 10 yuan.

The payee or endorser should pfer the bank acceptance bill and the cancellation notice together with the bill of payment to the bank to pfer the bill when the bank acceptance bill expires.

Before the bill is due, the applicant should pay the full amount of the bill to the bank.

If the acceptance date fails to pay the bill in full, the acceptance bank must pay the liability to the payee or the discount bank unconditionally. At the same time, the performing bank will perform the deduction to the accepting applicant according to the acceptance contract, and impose a penalty rate of 5 per thousand 0 daily.

1. accounting treatment of the payment unit.

(1) the purchase of a bank acceptance bill and the acceptance by the Bank of the account and the acceptance of the commission fee are as follows:

Borrowing: financial charges -- charges * * *

Loan: bank deposit * * *

(2) when a buying enterprise delivers a bank acceptance bill to a selling enterprise, the following is the record:

Borrow: merchandise purchase * * *

Tax payable - value added tax (input tax) * * *

Credit: notes payable -- bank acceptance bill * * *

(3) when the bill expires, the purchase company pays the bill and receives the notice of the bank's payment.

Note payable: bank acceptance bill * * *

Loan: bank deposit * * *

2. accounting treatment of receivables.

(1) when a sales unit receives a bank acceptance bill from a buying enterprise, the following is the record:

Borrowing: notes receivable -- bank acceptance bill * * *

Loan: tax payable: value added tax (output tax) * * *

Merchandise sales revenue * * *

(2) when the bill of exchange expires, the selling company delivers the bank acceptance bill together with the receipts to the Bank of account for the pfer of receivables.

Borrower: bank deposit * * *

Loan: notes receivable -- bank acceptance bill * * *

If a sales enterprise pfers the endorsement of a bank acceptance to other enterprises, the following is the record for:

Borrow: merchandise purchase * * *

Tax payable - value added tax (input tax) * * *

Loan: notes receivable -- bank acceptance bill * * *

If a sales enterprise receives a commercial draft after acceptance, if the enterprise is in urgent need of funds before the maturity of the bill, it may apply for a discount to the Bank of its opening with an undue draft.

The so-called discount is that the payee who holds the bill of exchange gives the undue commercial draft to the bank. The bank pays the amount of the face value to the holder after deducting the discount date to the day before the bill's maturity.

[case] a business enterprise has a non interest bearing bank acceptance bill which is due to expire in 6 months and has a value of 100000 yuan due to capital turnover.

The date of issue of the bill is 1 days in July. The maturity date is December 31st. The discount is made to the bank on 1 September and the discount rate is 9%.

Solution: discount interest =100 000 x 9% x (120/360) =3 000 (yuan)

Net discount =lOO OOO-3 000=97 000 (yuan)

When the enterprise receives the payment, the entry is as follows:

Borrow: bank deposit 97000

Financial cost 3000

Loan: notes receivable 1OO 000

In December 31st, when the bill was due, it could not be paid due to insufficient cash in the acceptor's bank account. The bank returned the notes receivable and sent a notice of payment. The enterprise should make the following entries:

Borrowing: accounts receivable 100000

Loan: bank deposit 100000

As mentioned above, the bills that have been discounted are not payable due to the insufficient funds of the acceptor's bank account, and the bank returns the notes receivable.

However, the balance of the bank account of the discount enterprise is not enough to pay, and the bank makes overdue loans.

Enterprises should make the following entries:

Borrowing: accounts receivable 100000

Loan: short-term borrowing 100000

The use of commercial bill settlement means that the relationship between creditor and debt can be expressed as an external form of bill, so that commercial credit instruments will be strengthened, binding force will be strengthened, and the socialist market economy will be maintained and developed.

For a purchasing enterprise, due to the delay in payment, goods can be purchased in a timely manner when the funds are temporarily insufficient, so that the circulation of commodities can be carried out smoothly.

For sales enterprises, they can dredge commodity channels, expand sales and speed up capital turnover.

The bill of exchange is accepted and the credit is high. It can collect money on time and prevent arrears.

When funds are needed, banks can apply for discount and financing.

However, there are differences in the treatment of bank acceptance and commercial acceptance bills for overdue payments.

When a commercial acceptance bill is unable to meet the maturity, the bank will return the bill of exchange to the sales unit as an account receivable.

For a bank acceptance bill, if the buyer fails to pay the bill in full, the accepting bank will deal with the overdue loan according to the acceptance agreement and collect a certain penalty.

Therefore, when adopting the commercial bill settlement method, the selling enterprise shall selectively use the commercial acceptance bill or the bank acceptance bill in accordance with the funds and credit conditions of the purchasing enterprise.

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