Draft Statuses

The statuses for bills of exchange are defined on Reference File category F44.  The status determines at which point the draft is in the remittance/payment process.  A bill of exchange can have one of the following five statuses:

·     Accepted

·     Claimed back

·     Refused

·     Submitted to Acceptance

·     Unpaid

An accepted status means that the draft has been applied to a payment.  A draft with a claimed back status means that it was remitted to the bank, but then claimed back by the vendor.  A refused draft was rejected before it was ever applied to a payment.  A draft that hasn't been applied to a payment has a status of submitted to acceptance.  An unpaid draft is a draft which was remitted to the bank, but then returned due to insufficient customer funds, bank rejection, etc.  The following diagram illustrates the different statuses for a bill of exchange, from the time it is generated through the payment/remittance cycle.

Only drafts with a status of submitted to acceptance can be either refused through Draft Maintenance or applied to an open item through Payment Entry.  When the customer draft is selected at Payment Entry time, the status will be automatically changed to 'accepted'.  Once a payment has been remitted, the status of the draft can be changed to either unpaid or claimed back through the Unpaid/Claimed Back Entry conversation (DM130S01).