0
Ussually, you only create a memo when you issue post dated cheque because the transaction will happen on future date, so when the future date comes then you need to record it to your book as debit suppliers account to bank account. But for recording purposes which will require extra effort in reminding yourself to reverse the entry once the check realized, you can record an asset account (advances to supplies) to AP accrued then once the check is realized, you need to reversed the first entry then record the ussual payment entry.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is the journal entry when post dated cheque issued to supplier?
debit accounts payablecredit bank
How will a post dated cheque you issued for your rent be treated in the balance sheet?
as liabilities
Journal entry for post dated cheque?
Debit expenses / accounts payableCredit bank
Can a bank pay a post dated check early?
No.
What is difference between post dated check and a check?
The date the check can be cashed . For example I wrote ( 5 ) post dated checks last winter to a company that handles my snow removal of my residence Each check was dated the last day of the month . ( November / December / January / February / and March ) That way the company could cash the checks at the end of each month if I went somewhere warmer for the winter
What is the journal entry when post dated cheque issued to supplier?
debit accounts payablecredit bank
What is the journal entery for a post dated check?
If you are the person that is issuing the check then no entry is recorded until the actual date that the check is cashed. If you are the person receiving the check there shouldn't be an entry until the date the actual check is cashed.
Can you cash your check for January 3rd today the 31st?
No, a check dated in the future is a post dated check. Banks won't knowingly cash a post dated check.
Is it legal to write a post dated check in Pennsylvania?
Yes, it is legal to write a post-dated check in Pennsylvania. However, banks are not obligated to honor post-dated checks, so there is a risk that the check could be deposited before the date written on it. It is recommended to communicate with the payee about the date the check should be deposited.
What is a post-dated journal entry?
Debit accounts payable / expensesCredit bank
Are post dated checks followed by banking prodecures?
I cant share about every bank but i know that is a post dated check is presented at the bank i work at we will not honor it. That said, if a post dated check is dropped in the night deposit or ATM machine we really have no choice but to process it. It is technically illegal to write a post dated check.
How will a post dated cheque you issued for your rent be treated in the balance sheet?
as liabilities
What is the value of a 1929 US 2 dollar silver certificate?
Please check again and post a new question. The last $2 silver certificates were dated 1899 and there were no federally-issued $2 bills dated 1929.
What is the journal entry for post dated cheque is received?
debit bankcredit accounts receivable
Journal entry for post dated cheque?
Debit expenses / accounts payableCredit bank
Can you write a post-dated check?
Yes. You can write a post dated check. It is perfectly legal as long as the person to whom you gave the check doesnt submit it for cashing before the date you put on the check.
Can a bank pay a post dated check early?
No.
