What is bill of exchange collection in SAP FI - Financial Accounting?

SAP Term: bill of exchange collection

• Component: FI

• Component Name: Financial Accounting

• Description: A special usage of a bill of exchange, whereby a bank undertakes to present a bill to the drawee at the end of its term. If a bank undertakes the collection of a bill of exchange, it levies a collection charge on the customer.

Smart SAP Assistant

• Key Concepts: 
  Bill of exchange collection is a process in SAP Financial Accounting (FI) that allows companies to collect payments from customers through a bill of exchange. A bill of exchange is a document that orders a third party to pay a certain amount of money to the recipient. The bill of exchange collection process in SAP FI involves creating a bill of exchange, sending it to the customer, and then collecting the payment when it is due. 
  
  How to use it: 
  In order to use the bill of exchange collection process in SAP FI, you must first create a bill of exchange. This can be done by entering the customer’s information into the system and then selecting the “Create Bill of Exchange” option. Once the bill of exchange has been created, it must be sent to the customer for payment. Once the payment has been received, it must be entered into the system and then posted as a payment against the customer’s account. 
  
  Tips & Tricks: 
  When creating a bill of exchange in SAP FI, it is important to ensure that all of the necessary information is entered correctly. This includes the customer’s name, address, and payment amount. Additionally, it is important to ensure that the payment due date is entered correctly so that payments can be collected on time. 
  
  Related Information: 
  For more information about using SAP FI for bill of exchange collection, please refer to SAP’s official documentation on the topic. Additionally, there are many online resources available that provide step-by-step instructions for using SAP FI for bill of exchange collection.