Collecting a Receivable Cheque

What does "Collecting a Receivable Cheque" means?

When you receive a cheque, the designated period for you to collect the cash amount varies. Therefore, it’s essential to record the collection date of the cheque, and merely receiving it does not indicate the cashing of the amount written on the cheque.

Collecting a Receivable Cheque

1. Select “Cheque Cycle” from the main menu.
2. Select “Receivable Cheques”.
3. Click on the receivable cheque you wish to collect.
4. Click on the button labeled “Collect”
5. Enter the collection details of the cheque.
   • Collect Date: Select the date of cheque collection.
   • Notes: You can attach any desired notes.
6. Note: The collection date should be on the same day as the due date or after it.
7. Click on the button labeled “Collect”.