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Post dating a check does not mean that it won't be cashed before that date. You may need to notify your bank and see if they will watch for and not cash a post dated check. Any valid signed check can be cashed no matter the date. How soon the funds are available to use in your account once you deposit it can also vary per bank from right away to two or more days depending on the check amount and where the check came from. Any check, post dated or not, could come back on you if the account it is coming from is short of funds. You might deposit it one day and have money added to your account, only to find out a few days later that the deposited check was returned, and might leave you short. Rule of thumb for large deposit amounts is wait 10 business days from the day you deposit it to make sure it's not being returned, or call the bank the check came from to see if it has cleared.
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How do you record in your company's books the dated and post-dated checks received from clients?
Postdated checks. If a customer gives you postdated checks, treat them as a note receivable. In other words, debit it to Notes Receivable, not to Cash. On the date written on the check, deposit it to your firm's account, debiting Cash and crediting Notes Receivable. Returned checks. When the bank notifies you that it is returning a customer's check for NSF (not sufficient funds), debit the customer's account immediately-even if you plan to redeposit the check the same day. For good internal controls, instruct your bank to address all returned checks to someone other than you-possibly the owner or a senior manager. This can protect you if an employee tries to use fictitious checks to cover temporary shortages. http://www.aipb.org/newsletter/bookkeeping_tips/pdfs/BookkeepingTips_2-38.pdf
What does the name emi mean?
Equated Monthly Installments: Hire, purchase, lease, or loan-repayment installments that are constant in amount, and are usually collected in advance as post-dated checks.
What is the law on Post dated checks in Louisiana?
In Louisiana, post-dated checks are generally considered valid, but they may not be enforceable until the date on the check. The issuer of the check should communicate its post-dated nature to the recipient, as banks are not obligated to honor a post-dated check until the date specified. If a check is cashed before its intended date, the issuer may have grounds to dispute the transaction. However, it's advisable for individuals to consult legal counsel for specific situations or disputes involving post-dated checks.
What is the journal entry for post dated cheque is received?
debit bankcredit accounts receivable
Is it possible to have a post dated manager's check?
Yes, it is possible to have a post-dated manager's check, but it depends on the policies of the issuing bank. While manager's checks are typically considered guaranteed funds, banks may not honor a check that is post-dated. It's advisable to check with the bank to understand their specific rules regarding post-dating manager's checks.
How long are written checks good for before they expire?
Written checks are typically valid for six months from the date they are written. After this period, the check may be considered stale-dated and the bank may refuse to honor it.
Does a check ever expire?
Yes, checks can expire. Typically, a check is considered stale-dated and may not be accepted by a bank if it is more than six months old.
Are postdated checks illegal?
Are post-dated checks issuing allowed by the State law in Greece or it is forbidden? Tks for the answer. Massimo
What are the laws regarding post dated checks?
In the United States, post-dated checks are generally legal, but banks are not required to honor them. If a post-dated check is deposited before the date written on it, the bank may process it unless the account holder has provided the bank with written notice not to do so. It is recommended to communicate with the payee and your bank to ensure the check is deposited on the intended date.
What is the expiration period for uncashed checks?
The expiration period for uncashed checks varies by state, but it is typically between 6 months to 3 years. After this period, the check may be considered stale-dated and the funds may be turned over to the state as unclaimed property.
Is a post dated check illegal in Florida?
I worked in banking for years, and never heard of post dated checks being illegal.
Could be considered a crime a check given to secure a payday loan?
Checks given for payday loans are generally post dated. This means if the money is not there for the loan to be paid it is considered fraud and a crime. Also if the check is a rubber check or fake.
