Settlements by a bill of exchange

Settlements by a bill represent mutual settlements between suppliers of goods (services) and payers, the feature of which is deferred payment. The possibility of this postponement is provided for by a special document - a promissory note.

Such calculations are one of the forms of non-monetary settlements that are inherent in a market economy. Transactions with bills are regulated by a special bill of exchange legislation.

For a long time, a promissory note was understood only as a promissory note. However, today this term has acquired a new meaning. A bill in the modern sense is a document drawn up in strict accordance with the form established by the law adopted in June 1930 by the Geneva Convention. In essence, a bill is a written debt obligation giving the drawer (its owner) the right to demand payment by the debtor of the monetary amount specified in the document.

There are simple bills and transferable. Simple are non-binding obligations to pay the drawer a certain amount on time. Such bills can not be transferred to third parties. If a bill is transferable, then it is possible to transfer funds to the creditor by levying them from its debtor. For this operation, a special transfer inscription is required.

Today, the most common means of payment is a bank bill. Calculations by a bill involve participation in all transactions with their use of banking institutions. In other words, bills must be collected by banks, which means that they must fulfill the orders of the holders of bills.

Bills of exchange transferred to the bank must be provided with a pre-inscription "for collection" or "for receiving payment". Thus, by collecting the bill, the bank takes responsibility for presenting the bill to the debtor, as well as for receiving the payment due from him. After acceptance of the bill for collection, the bank sends the securities to the bank's branch at the place of payment, simultaneously notifying the payer about the receipt of documents by the agenda. After the bank receives payment under the bill, the funds are credited to the client's personal account with the notification of the latter about the execution of the instruction.

Bills of exchange are settled on the basis of payment terms, which are set individually depending on the type of transaction, the nature of the seller's and buyer's relations, etc. Terms can be established for a specific day (the number is indicated), for a specific period from the date of drawing up the document, for a period "before presentation" and for a certain time (payment must be made no later than the hour specified in the document).

For the bank intermediation that he renders, when payments are made by a bill, the client pays commission fees (a percentage of the amount), and covers all expenses for sending documents and supporting bills. However, for the client this mediation is beneficial, since it allows transferring to the bank responsibility for meeting payment deadlines and guarantees fast and reliable receipt of funds from debtors.

Bills have (in almost all cases) real security, so they are not only a means of payment. They are securities that are accepted as collateral.

Promissory notes in the form of collection are interest-bearing (assumes payment of not only debt, but interest on it) and discount (a discount on a bill means that the document lays the difference between the price of its sale and repayment).

Accounting of bills is conducted according to their types, payer enterprises, amounts of receipts, terms that are supposed to be settled by promissory notes. Postings that reflect transactions with bills differ in debit and credit, depending on the nature of the transactions. For example, when acquiring a third party bill, posting D58.2, K78 is done, when paying a bill - D76, K51 and so on.