PDC
Post Dated Cheques are cheques dated for a future day. PDC tracks them from the moment one arrives until it clears or bounces, so a drawer full of cheques becomes a list with dates, amounts and statuses rather than something somebody has to remember to bank.
Where to find it
Go to Sales > PDC for customer cheques. The same screen exists under Purchases, HRM and General Ledger for the other parties.
The cheque lifecycle
| Status | What it means |
|---|---|
| Cheque Received | Recorded, sitting in your hands. Not yet money. |
| Sent for Collection | Presented to the bank. In transit. |
| Cheque Collected | Cleared. The funds are yours and the ledger reflects it. |
| Cheque Rejected | Bounced. The receivable comes back and needs chasing. |
| Cheque Endorsed | Passed on to a third party instead of banked. |
Recording a cheque is not receiving payment. Until it is collected the customer still owes you the money — a cheque marked received and forgotten leaves the receivable looking settled when nothing has actually cleared.
Filters
| Filter | What it does |
|---|---|
| Customer | One customer, or All Customers. |
| Bank Account | The account cheques are banked into. All Banks shows every one. |
| Status | Any stage of the lifecycle, or All Status. |
| Date | By cheque date, issue date or processing date. |
| Show Completed | Includes cheques already collected or rejected. |
What the list shows
| Column | Description |
|---|---|
| Cheque No | The cheque number. |
| Customer Name | Who gave it to you. |
| Cheque Bank | The bank the cheque is drawn on. |
| Date Issued | When it was written. |
| Cheque Date | The date it becomes bankable. This is the one that matters. |
| Date to be Processed | When you intend to present it. |
| Amount | Its value. |
| Status | Where it is in the lifecycle. |
Totals are shown for Total Cheques, Cheques Receivables, Cheques Payables and Cheques under collection.
Actions
| Action | What it does |
|---|---|
| Send to Collection | Marks the cheque presented, with a collection date. |
| Collect Amount | Records that it cleared, posting to the collected GL account. |
| Cheque Rejection/Return | Records a bounce, with a rejection date and note. |
| Endorsed Cheque | Passes the cheque to a supplier instead of banking it. |
| View Post Dated Cheque | Opens the cheque in full. |
| View Parent Cheque / View Endorsed Cheque | Follows an endorsement to the cheque on the other side of it. |
| Edit / Delete Selected | Amend a cheque, or remove several at once. |
Endorsing a cheque
An endorsed cheque is signed over to a supplier rather than banked — the customer's cheque settles your own payable. Both sides stay linked, so you can move from the original cheque to the endorsement and back.
Related pages
- New PDC — recording a cheque
- Cheque Settings — the GL accounts each status posts to
- Supplier PDC · Employee PDC · GL PDC