Depositing a Receivable Cheque

What does "Depositing a Receivable Cheque" mean?

Recording revenues and expenses is an accounting act that isn’t related to cash collection but is based on the principle of payment or collection entitlement, even if agreed upon for a future date. The deposit stage involves recording the expenses of the paid cheques without adhering to the actual receipt of the money by the client, as is the case in collection.

Depositing a Receivable Cheque

1. Select “Cheque Cycle” from the main menu.
2. Select “Receivable Cheques”.
3. Click on the receivable cheque you wish to confirm its deposit.
4. Click the “Deposit” button.
5. Enter deposit information.
   • Deposit Date: Select the deposit date.
   • Notes: You can attach the desired notes.
6. Note: If you wish to change the default account “Outstanding Deposit” account, click on the advanced settings, and select the account you want to register the cheque amount in.
7. Click the “Advance Payment” button.