PDC = post dated cheque, the date the cheque may be cashed or banked is set in the future.
how many terms for pdc
Post Dated Cheque
A cheque that was not paid by the bank
No. The Cheque wont work.
Cheque Discounting is providing a post dated cheque to a bank by its customer which amounts to the short term loan taken from the bank and the interest charged by the bank.
how many terms for pdc
Post Dated Cheque
LC - letter of credit PDC - post dated cheque CDC - current dated cheque
A cheque that was not paid by the bank
No. The Cheque wont work.
Owner of Cheque and/or Bank
The receipts in Peachtree System should be tied to a CASH ACCOUNT, Make an account in the Chart of accounts named "PDC Receivables" it's type to be "CASH" to collect the PDC cheques. Ex. You receive a Cheque on 10th May from Customer (Cstm-001) ABC company Dated 15th June Make a reciept: Customer Cstm-001 RECEIPT No. 00000 Date : 10th May Cash Account : PDC Receivable "You added it to the Chart" ---- On the due date, send the cheque to the Bank Make a Journal Entry Date: 15th June DR: Under Collection Cheques CR: PDC Receivables ---- When you receive the Bank Addition Notice Make Journal Voucher DR: Bank CR: Under Collection Cheques So that the Bank will not be affected until you receive the addition notice Thanks, Ahmed Khalil ahmad.khalil.uae@gmail.com
Cheque Discounting is providing a post dated cheque to a bank by its customer which amounts to the short term loan taken from the bank and the interest charged by the bank.
Submit it to the Teller in a bank where you have a bank account. If it is a bearer cheque and you have an account in the same bank as that of the cheque, you will be paid cash immediately. If it is an account payee cheque, money will get credited to your account in the next 2-3 days
To prevent a cheque from being passed by the bank, you will have to write a letter to the bank telling them not to pass that perticular cheque, and give the cheque number.
Currently in India (As of 2013), all cheques are valid for a period of 3 months only. This rule is irrespective of the bank whose cheque is being used. So, a UCO bank cheque, an ICICI Bank cheque and an HDFC Bank cheque, all of them are valid only for 3 months from the date of issue.
A Bearer Cheque is a type of cheque which will be encashed by a bank and paid out as cash to the person holding the cheque. For ex: If I owe you Rs. 10,000/- and give you a bearer cheque of my bank account with ICICI Bank, all you have to do is, visit your nearest ICICI Bank branch and then submit the cheque for payment. The bank will ask for your identity proof to verify that you are indeed the payee for the cheque and if they are satisfied, they will give you the cash right away.