How to handle Post Dated Cheques/Checks Received from Customers?

 

How to handle Post Dated Cheques Received from Customers?

To record Post Dated Cheques/Checks received from Customers required some preferences changes/Configurations changes in “Company Preferences”. Follow the path to make prerequisite changes to enable this feature.

Go To à Edit Tab à Preferences à Payments à Company Preferences à Checkbox undeposited funds use as default deposit account

See the screenshot, and do accordingly.

When you click on checkbox, a field named “Deposit to” will be removed from “Customer Payment form” and all receipts will go in “Undeposited funds account”.

System creates this account automatically while setting up company file. You may name it as “PDC Received Clearing Account”, here you will have all uncleared/ not matured cheques.

Click on Customer payment and record the customer payment, add the payment method as check and add check number. Add the date of PDC received and Maturity date of Check on customer payment form.

On PDC Maturity

See the bank statement, see the checks matured, click on that specific cheque in “Record Deposit” form and click ok. That check will populate on deposit account where you can mention the Bank account in which you deposited this cheque.

All payment related data will be populated automatically.

Note:

In Quick Books you cannot have two separate dates for check received and maturity date/ when it was cleared. Only one date can be saved either when you receive it or when it was matured.

For all Post-dated Cheques/Checks report go to record deposit window OR “Undeposited Fund Account” from Chart of Account.

Thank You!