Processing Postdated Cheques in NEOSYS
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 :
- One-time PDC Account setup:
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)
- Posting PDC payments:
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)
This way the supplier account is debited with the payment details and his account is clear.
- Posting the PDC payment to the Bank A/c:
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:
Bank of Sharjah PDC Issued A/c Dr
Bank of Sharjah A/c Cr
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.
Also in the supplier a/c it will show the account is clear as of today.
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.
