Bills Payables - Future Dated Payments

 A Bill Payable or future dated payment, instructs your bank to disburse funds to your supplier's bank on a specific date known as the maturity date.

The payment method that defaults onto the invoice or is entered in the invoice is what controls whether that invoice is paid as a bill payable. You can create bills payable using any payment method if it is enabled for bills payable creation.

Steps to create payment method:

1. Navigation - Setup and maintenance-->Financials-->Payables

2. Search for task - Manage Payment Methods

3. Create a payment method for Future Dated Payments and enable option 'Bills Payable'.

Once a payment method is defined with Bills Payable option checked, this is an example process for registering a future dated payment:
1. Create an invoice and set the payment method to be one that is enabled for Bills Payables. This is done in Manage Installments page for the invoice.
2. Create a payment with the same payment method. Set the Maturity Date (on the Advanced tab) as the date for the payment to take effect. After saving, payment status for these payments will be: Issued.

3. By submitting the 'Update Matured Bills Payable Status' program, if bill payable date is matured, then payment status will change from Issued to Negotiable.