Skip to main content
Version: 8.3

Cheque deposit

Introduction​

When a check is received, it is considered cashed as soon as it has been deposited at the bank.

Between the time it is received and deposited at the bank, it may be appropriate in some cases to temporarily record it in a cash receivable account.

To do this, you must first generate an accounting entry (move in AOS) upon receipt. Here, you debit the cash receivable account (511) and credit the customer account (411).

Once the check has been deposited at the bank, you can then account the payment. To do this, you need to generate a deposit entry in which you credit account 411 and debit account 512.

Configurations​

Cheque cashing​

Access: Accounting → Configuration → Payment → Payment modes → in the list of payment methods, open Cheque cashing

For the Cheque Cashing payment method, two configurations are possible:

  1. Post payment directly to the payment account (default configuration):

  • Immediate: the value of the “Move generation trigger settings” field must be set to “Immediate.” This value allows the payment entry (“move” in AOS) to be generated directly when the payment entry is confirmed. The payment will therefore be accounted directly to bank account 512.

  • The value of the “Payment account” field in the Account management window will be copied to the payment entry → the payment entry is accounted directly to the bank account.

  1. Temporary accounting to a value account for collection:

  • Value for collection: the value of the “Move generation trigger settings” field must be set to “Value for collection”. This value will allow you to initially account the payment to a temporary account, i.e. the value account for collection, before generating the payment entry on the bank account.

  • The value of the “Payment account” field in the Account management window will be included in the bank deposit entry (generation of deposit slip - see below);

  • Account Items for collection: an additional field, “Items for collection”, will be included in the payment entry. When this option is selected, a new field is available in the accounting configuration for each company for this payment method. This allows you to configure a new account to be used for this particular case.

The payment entry is first accounted to an account “Items for collection”.

Then, when the remittance slip is generated, a bank remittance entry is used to post the payment to the bank account.

Entering a check deposit​

  • Case 1: Accounting the payment directly to the payment account.

From the payment wizard, when you select the “Cheque cashing” payment method, a box appears for entering the cheque details. These details are not mandatory at this stage. The cheque holder and date are pre-filled.

When the payment entry is confirmed, the payment entry is generated and accounted directly to account 512.

  • Case 2: Temporary accounting to an account Items for collection.

On the payment wizard, when you select the “Cheque cashing” payment method, new information in relation to cheque cashing will be displayed:

Option “Generate bank move without value for collection move”: allows you to override the configuration of the value account on collection. When this option is checked, the standard form is displayed and you will generate a payment entry directly on the payment account (i.e., you return to Case 1).

When you confirm the payment entry, you generate a payment entry accounted directly to the payment account (similar to Case 1).

When the “Generate bank move without value for collection move” option is enabled:

  1. The “Value for collection” field is read-only. It shows the value on the collection account that will be used when the payment is confirmed.

  2. The “Cheque number” and “Cheque bank” fields are required.

  3. An additional field, “Deposit bank details,” which is also required, allows you to enter the bank details.

  4. When the payment is confirmed, an entry (move) for the value on the collection is generated.

  5. At this stage, the payment has not yet been accounted to the bank account.

  6. To do this, you must enter a deposit and print the check deposit slip.

Generating a deposit slip​

Access: Accounting → Payment → Deposit slips

Remember to enter the deposit type: cheque.

You must also enter either a bank account or a cash account for the value to be collected. In the first case, you can generate a deposit slip in PDF format (no accounting impact).

In the second case, in addition to printing a slip, you will be able to make the deposit (generate the payment entry for payment entries with value for collection).

You can filter the list of payment entries by period.

The search list is filtered by company, period, bank account, or value account for collection. If a payment entry is already selected in another slip, it will not be visible in the list of documents.

The button above (blue) the table allows you to load the documents.

The buttons below (green and red) allow you to load or clear the selected documents from the final list.

  • Case 1: generating a check remittance slip without generating a bank remittance entry:

  1. Deposit type: here, select “Cheque.”

  2. Select a bank account.

  3. Load available payment vouchers for bank deposit: click on this button to load the payment entries to be collected from the bank account and for which you only want to edit a deposit slip.

  4. Load selected lines: select the documents to be included in the slip and then click on the “Load selected lines” button.

  5. Fill in any missing mandatory information (Account holder, Bank, Number, Slip date, Bank details of the remitting bank. Lines are displayed in red when information is missing).

  6. Publish the deposit slip: click on the “Publish” button to print the bank deposit slip.

  • Case 2: Generating a cheque deposit slip with bank deposit entry generation.

  1. Deposit type: here, select “Check.”

  2. Select a value for collection account.

  3. Select the documents to include in the slip.

  4. Fill in the required information if missing (Account holder, bank, Number, Slip date, Bank details of the remitting bank. The lines are displayed in red when information is missing).

  5. Publish the bank deposit slip: click on the “Publish the bank deposit slip” button to print. You can then make the deposit.

  6. Make the deposit: refresh the page, then click on the “Make deposit” button to generate the bank deposit entry for each payment entry selected in the slip.

info

You will have additional options: you will be able to edit the deposit dates in bulk.

The result of the processing is as follows:

At the end of the editing process, the number of checks processed and the total amount of the slip are displayed at the bottom of the form.

The “Deposit move generated” option is checked if the deposit entry (move) has been generated.

The affected payment entries are also updated with a link to the deposit entry.

If you return to the “Payment entry” page and refresh the page, you will see that the payment entry has been generated and associated with the entry. If you click on the link (located in the box on your right), you will open the “Accounting move” pop-up window. In this window, you will see that the cash account has been credited and the bank account has been debited.