Processing Postdated Cheques in NEOSYS: Difference between revisions

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There isn’t any automated way to record a PDC (Post Dated Cheque) payment in NEOSYS. For posting Post dated cheques into NEOSYS, you need to do the following :
== How do I process Post-dated Cheques RECEIVED in NEOSYS? ==


*One-time PDC Account setup:
=== Setting up for PDC Received ===


You need to setup a PDC Account under the Bank Ledger (code: BL). If you have a bank account already setup there – such as Bank of Sharjah, you need to create another account – Bank of Sharjah PDC issued with an appropriate ledger code (eg. PDC)
Decide where the pdc assets are going to appear in the GL. Normally they will appear somewhere in current assets.


*Posting PDC payments:
If you wish to age and list individual outstanding PDC then you need to create the account in an open item ledger like the Accounts Receivable or Documents Receivable.


While creating Payment journals, you will then select the Bank of Sharjah PDC Issued a/c as the Bank A/c. And post the payment normally. In the description column, you can put the actual date of the Post-dated cheque (eg. PDC issued to X Supplier dated 12/12/2007)
Create an account “Postdated Cheques Received” in one of the following charts. You can create one a/c or one per client.


This way the supplier account is debited with the payment details and his account is clear.
*Accounts Receivable Chart
*Cash and Bank Chart
*Documents Receivable/PDC Received Chart


*Posting the PDC payment to the Bank A/c:
=== Recording the Receipt ===


Next, you will go to the manual Journal, and post a manual entry for the actual date of the payment to the bank a/c as follows:
When postdated cheque is in hand:


Bank of Sharjah PDC Issued A/c         Dr
Journal:          Receipts
Period:            Current
Date:              Actual Date on Cheque (future)
Debit:            Postdated Cheques Received A/c (maybe one a/c or per client)
Credit:            A/R or Client A/c (may be allocated to invoices)


Bank of Sharjah A/c                    Cr
=== Recording the Deposit ===


This way you will get the payment information recorded into the bank a/c for the future date. So whenever you do a Ledger printout for a future period it will show the payment made to the supplier on that date.
When postdated cheque is deposited:


Also in the supplier a/c it will show the account is clear as of today.
Period:            Current at time of deposit in bank
 
Date:              Date deposited in the bank
For discounting cheques you can use the same procedure, but by creating a Bank of Sharjah Cheques Discounted A/c. And when you receive payments from clients which you will discount with the bank, you will make the receipt to the Bank of Sharjah Cheques Discounted A/c with the current date so that the client a/c is clear of today and pass another journal crediting the Bank of Sharjah Cheques Discounted A/c and debiting the Bank of Sharjah A/c for the future date.
Credit:            Postdated Cheques Received A/c (maybe one a/c or per client)
Debit:              Bank A/c

Revision as of 10:50, 27 February 2012

How do I process Post-dated Cheques RECEIVED in NEOSYS?

Setting up for PDC Received

Decide where the pdc assets are going to appear in the GL. Normally they will appear somewhere in current assets.

If you wish to age and list individual outstanding PDC then you need to create the account in an open item ledger like the Accounts Receivable or Documents Receivable.

Create an account “Postdated Cheques Received” in one of the following charts. You can create one a/c or one per client.

  • Accounts Receivable Chart
  • Cash and Bank Chart
  • Documents Receivable/PDC Received Chart

Recording the Receipt

When postdated cheque is in hand: 

Journal:           Receipts
Period:            Current
Date:              Actual Date on Cheque (future)
Debit:             Postdated Cheques Received A/c (maybe one a/c or per client)
Credit:            A/R or Client A/c (may be allocated to invoices)

Recording the Deposit

When postdated cheque is deposited: 

Period:             Current at time of deposit in bank
Date:               Date deposited in the bank
Credit:             Postdated Cheques Received A/c (maybe one a/c or per client)
Debit:              Bank A/c
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