Bills Receivable Book

Also known as a B/R book, a Bills Receivable Book is a subsidiary or a secondary book of accounting, where all bills of exchange, which are receivable for the business, are recorded. The total value of all the bills receivable for an accounting period is transferred to the ledger.

A person who draws the bill of exchange is called a “drawer” and a customer on whom it is drawn is called a “drawee” or an “acceptor”. A bill receivable for a “drawer” is a bill payable for a “drawee”. A bills receivable account will usually have a debit balance. Because a bill receivable is supposed to be received at maturity, it acts as an asset for the business. Generally, every bill has a 3 day grace period.


Sample Format of the B/R Book

 S.No.  Date of Bill  Bill No.  Acceptor
 From Whom Received  Terms  Due Date  Amount  Remarks