What does post dating a cheque mean
Solution First of all you and other reader should learn about the meaning of PDC Cheque.Meaning of PDC Cheque PDC Cheque means post dated cheque. In banking, post-dated or PDC refers to checks or cheque which have been written for a date in the future.
To do this you will need the recipient’s account name and number, and sort code.Problem Accounting Education reader Accountant from XYZ Co. To put his problem he says, "I want to ask what will be the journal entry for PDC cheques issued to supplier....let suppose we purchase office furniture from FURNITURE HOUSE on dated 25-5-2010.Then, I spoke with a friend who happens to be a Chase banker, who generalized what a teller would do if a customer came in to deposit or cash a post-dated check before the date shown.Additionally, at the bank’s discretion, there could be a hold on the funds until the check clears.This chapter contains the following sections: You can maintain the drawer status details using ‘Drawer Status Maintenance’ screen.
You can invoke this screen by typing ‘PDDDWRST’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Occasionally, I like to skim through Reddit’s personal finance section for any interesting money topics.
One recent, noteworthy topic had to do with post-dated checks and what happens to them when you attempt to deposit or cash the checks before the date written on them. If I were to post-date a check, it would probably be because I don’t yet have enough funds in my account to cover the check amount.
Many state in their terms and conditions that post-dated cheques should not be written, while some include a note at the front of chequebooks, saying post-dated cheques should not be written.
There are no specific rules on how banks deal with post-dated cheques if they are paid in before the due date.
for amount Rs 50000/- and we issued 5 cheques on same day each cheque amount is Rs 10000/- starting date of payment is 1-10-2010 ...