Depositing a Receivable Cheque in the Bank
Depositing a cheque means you’ve submitted it to the bank and are waiting for it to clear, so it moves from Receivable Notes to Outstanding Deposit until you record its collection or rejection.
Required permissionsManage Receivable Cheques, set from Roles.
How to accessReceivable Cheques → open the cheque → Deposit.
Contents
When does the action appear?
For a cheque with the status Received; afterward, it becomes Deposited.
Steps
- Open the Received cheque and click Deposit.
- Enter the Deposit Date and Notes.
- To choose an account other than the default, click Advanced and select Outstanding Deposit.
- Click the save button; the message Cheque deposited successfully appears.
Effect on the system
| Debit | Credit | Entry date |
|---|---|---|
| Outstanding Deposit Account (or Outstanding Deposit when created automatically) | Receivable Notes | Deposit date |
Restrictions and conditions
- The deposit date can’t be before the issue date or in a closed period.
- The save button on this screen currently shows as Advance payment.
- After depositing, collect or reject the cheque from its page.
Error messages and solutions
| Message shown | Cause | Solution |
|---|---|---|
| The deposit date must be greater than or equal to the issue date | The deposit is dated before the issue date. | Correct the date. |
| This cheque can’t be deposited | The cheque isn’t Received. | — |
| 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
Where does the amount appear after the deposit?
In the Outstanding Deposit account until collection.
Deposited the cheque by mistake?
Click Undo Deposition.