Collecting a Deposited Cheque and Deposit Fees
After the bank clears the deposited cheque, record its collection along with any deposit fees; the net amount is added to the Collect Account, and the fees are recorded as an expense.
Required permissionsManage Receivable Cheques, set from Roles.
How to accessReceivable Cheques → open the cheque → Collect.
Contents
When does the action appear?
For a cheque with the status Deposited; afterward, it becomes Collected.
Steps
- Open the Deposited cheque and click Collect.
- Enter the Collect Date, Deposit Fees Amount (enter 0 if there are no fees), and Notes.
- To choose a fees account other than the default, click Advanced → Deposit Fees Account.
- Click Collect; the message Receivable cheque collected successfully appears.
Effect on the system
| Account | Debit | Credit |
|---|---|---|
| Collect Account | Amount minus fees | — |
| Deposit Fees Account | Fees | — |
| Outstanding Deposit | — | Full amount |
Example
A deposited cheque of 10,000 with bank fees of 25: 9,975 is added to the bank account, 25 to the deposit fees account, and 10,000 is deducted from Outstanding Deposit.
Restrictions and conditions
- The collection date can’t be before the due date or in a closed period.
- The fees must be a number no less than zero.
- The deposit entry stays as it is.
Error messages and solutions
| Message shown | Cause | Solution |
|---|---|---|
| The collection date must be greater than or equal to the due date | The collection is dated before the due date. | Correct the date. |
| This date is in a closed financial period | The date is within a closed period. | Choose a date outside the closed period or open the period. |
FAQs
How do I record the bank’s commission on the cheque?
Enter it in Deposit Fees Amount when collecting.
Collected the deposited cheque by mistake?
Click Undo Collection; it goes back to Deposited.