Post-dated cheques
A post-dated cheque (PDC) can only be cashed on its date. Fiscal records it against the invoices or bills it pays, holds it in a PDC account, and moves it to the bank only when it clears.
PDC received from a customer
Open Banking›PDC Receipts, or use + › PDC Receipt.
- Click New and choose the customer.
- Enter the Receipt Date (when you got the cheque), the Cheque Number, the Cheque Date (when it can be cashed), the Bank Name and the Cheque Amount.
- Under Allocate Against, enter how much of the cheque pays each open invoice or the opening balance. The Difference must be zero.
- Save.
The invoices count as paid by the cheque. The amount moves from Accounts Receivable to PDC Receivable, not to the bank. The list shows each cheque's due date.
PDC issued to a vendor
Open Banking›PDC Payments. It works the same way: choose the vendor, enter the Issue Date and the cheque details, and allocate it to their open bills. The amount moves from Accounts Payable to PDC Payable until the cheque is cashed.
When the cheque date comes
- Clear: the bank has paid it. Click Clear, choose the bank account and the Cleared Date, and confirm. The amount moves from the PDC account to the bank.
- Bounce: the cheque was returned unpaid. Click Bounce and give the reason. Fiscal posts reversing entries: the customer owes the money again (or you owe the vendor again), and the invoices or bills it paid are open again.
- Cancel: a pending cheque that won't be presented, for example returned to the customer and replaced. Same effect as a bounce, following the cancel preference.
A cleared or bounced PDC can no longer be edited.
Each morning, check the PDC lists for cheques due today, and deposit them.