Collecting a Payable Cheque

What does "Collecting a Payable Cheque" mean?

When you make a cheque payment to a client, the transaction does not reflect in your treasury or bank accounts until the client cashes the cheque. Therefore, you need to change the cheque status to “collected” once it has been cashed.

Collecting a Payable Cheque

1. Select “Cheque Cycle” from the main menu.
2. Select “Payable Cheques”.
3. Click on the paid cheque that the client has cashed.
4. Click on the “Collect” button.
5. Enter the cheque collection information.
   • Collect Date: Select the cheque collection date.
   • Notes: You can attach the desired notes.
6. Note: The collection date is on the same day as the due date or follows it.
7. Click on the “Collect” button.