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.
debit accounts payablecredit bank
as liabilities
When a post-dated cheque is issued, the company records it as a liability until the date on the cheque. The journal entry to record the issuance of a post-dated cheque involves crediting the bank account (decreasing cash) and debiting a liability account such as "Post-Dated Cheques Payable." On the date the cheque is cashed, the company will reverse the initial entry by debiting "Post-Dated Cheques Payable" and crediting the bank account. This ensures accurate tracking of outstanding liabilities and cash flow.
Debit expenses / accounts payableCredit bank
No.
debit accounts payablecredit bank
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.
No, a check dated in the future is a post dated check. Banks won't knowingly cash a post dated check.
as liabilities
Debit accounts payable / expensesCredit bank
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.
When a post-dated cheque is issued, the company records it as a liability until the date on the cheque. The journal entry to record the issuance of a post-dated cheque involves crediting the bank account (decreasing cash) and debiting a liability account such as "Post-Dated Cheques Payable." On the date the cheque is cashed, the company will reverse the initial entry by debiting "Post-Dated Cheques Payable" and crediting the bank account. This ensures accurate tracking of outstanding liabilities and cash flow.
No. Writing a post dated check in Pennsylvania is perfectly legal as long as the person to whom you give the check does not submit it for cashing before the date you put on your check. For that matter, it is not illegal to write a post dated check in any country
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.
Debit expenses / accounts payableCredit bank
debit bankcredit accounts receivable
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.