The first form given in Figure 12 is for drafts drawn on foreign correspondents.
BILLS DISCOUNTED REMITTED, MATURING___________________________191______
Promissor or Acceptor
For Whom Discounted
Figure 10. Trade Bills Remitted Diary
B. of C.
Figure 11. Trade Bills Remitted Diary
These generally have to be covered by remittances or credits to another branch or correspondent. Great care should be taken to see that the draft is properly made out, signed, advised and remitted for correctly.
Figure 13 is the register for drafts drawn on other branches. The total for the day is credited to an account in the general ledger called draft account. After payment the draft is returned by the drawee branch at debit, is marked off with the dating stamp, listed with other paid drafts in the right-hand column, and at the end of the day this total is debited to the draft account. The items unmarked at any time will be outstanding, and their total will balance with the draft account in the general ledger.