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متابعة

What is the treatment for Post Dated Cheques in Accounting terms?

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تم إضافة السؤال من قبل Siraj vannathamkandy , Senior Accountant , Gulf Business Center
تاريخ النشر: 2013/06/13
KOSHY THOMAS
من قبل KOSHY THOMAS , Sr.Accountant , AL BADIA JEWELLERY

PDC Issued is a current Liablity & PDC received is Current asset,when company issued a Post dated cheque to a Party that time Debit the Party A\C and Credit to PDC issued A|C and on the cheque date Cr Bank A\C and Debit PDC A/C.(same goes to PDC received)

Laiju Sivasankarakurup
من قبل Laiju Sivasankarakurup , Accountant , Pvt Office Of H.H Shk Mohd Bin Khalifa

Pdc cheque a/c ....dr To Rent receivable (Cheque received) Bank a/c.....dr To p.d.c cheque (Cheque clear )

khaled Ibrahim Sayed Abd El Salam Ibrahim
من قبل khaled Ibrahim Sayed Abd El Salam Ibrahim , Chief Accountant , -ElMehy engineering company

Postdated checks entered on Notes payable and he / she must always follow the balance for that account as you must take in your consideration while you make bank reconciliation on monthly basis the post dated checks in order to decrease the balance of Notes Payable by the due dated checks and decrease your bank position as well by the due checks value in to know the accurate status of both Notes Payables And Company Bank's Status.

Ali Rizwan
من قبل Ali Rizwan , General Accountant , AL GHAZAL DIESEL FUEL TRADING LLC

it is a liability, so you can enter on the Maturity date which you have mentioned on cheque, DR to Payable Account & CR To Bank A/c,  if you want to enter on the date when you issue cheque To Company then DR Payable A/c & CR To Post Dated Issued A/c, and on the date of maturity DR To Post dated issued A/c & Cr To bank A/c 

nisar uddin
من قبل nisar uddin , Distributor , Customers Khan saheb, HLG, Al Naboodah, Technip, Al Arif, Multiplex, Besix, Al Shirawi, Stevin Rock, Vale Oman, Qpmc, Emal, Dubal, Emirates steel

PDC IS A LIABILITY & NOT A CONFIRM RECEIPT.

Mydeen MM
من قبل Mydeen MM , Senior Accountant , Armada International Electro Mechanical Contracting LLC

Generally accepted accounting principles (GAAP) and cash accounting methods treat post-dated checks the same way---no journal entry recording.
A post-dated check is essentially a promise to pay, and until the business partner pays or reimburses amounts owed, no change is made in accounting books.

Atif Siddiqui
من قبل Atif Siddiqui , Senior Functional Consultant , Logic Information Systems

In Oracle Payables (EBS)

When a Payment is made using Maturity Date and Payment Method of Bills Payables:

Supplier Liability DR

Bills Payables             CR

On Maturity Date, a program runs which checks for applicable matured bills 

Bill Payables DR

Bank/Cash CR

MUHAMMED SAIFUDHEEN R
من قبل MUHAMMED SAIFUDHEEN R , General Accountant/Financial Executive , ABCON GROUP-Dubai

1.When pdc received:

   PDC Received A/c    dr   (current asset)

       To Customer

2.When pdc paid:

    suppleir a/c             dr

         To PDC Paid             (Current Liability)

Berhane Tewolde
من قبل Berhane Tewolde , finance and Warehouse , Addis

No accounting treatment is to be done, it is only to be kept in a memo record till the time of its maturity.

Zeeshan Zafar
من قبل Zeeshan Zafar , Internal Audit Officer , Almoiz Industries Limited

NO entry would be made for post dated cheques. Just memorandum recorder shall be maintained. Moreover, disclosure regarding post dated cheques will also be made. 

MD Rezaul Karim
من قبل MD Rezaul Karim , Finance Officer , icddr,b

A post dated check is a check on which the issuer has stated a date later than the current date.

 

Its show in commitment account after get maturity show in cash flow.

 

Commitment account