How To Manage Post-Dated Cheques In Odoo 17

In organizations, managing payments through banks and cash transactions are pretty straightforward in terms of maintaining records. However, handling the cheque payments could become a task, especially when customers share post-dated cheques. A post-dated cheque typically signifies a payment which is scheduled for a future date. Customers issue such cheques with a specified date, which allows the cheque to be cashed or deposited only after the mentioned date is passed. 

Handling post-dated cheques could be a bit tricky, but with Odoo v17, it is manageable. 

Let us go through a step-by-step process to manage these cheques:

First, we need to create a “journal” by going into accounting > configuration > journal.

We can see all the journals created in the system and to create new ones we can click on new.

We need to Create a New Journal:

To create a new journal, define the journal name, select a type from the dropdown- sales, purchase, bank, cash or miscellaneous. 

The sales journal is for customer invoices, the purchase journal is for vendor bills, the cash and bank journal is for payment and miscellaneous is for operations-related. We need to define this new journal type as “bank” as it will be used for payments.

The journal created is “cheque” and the shortcode defined is “PDC”, in which we need to define the bank account, suspense account, profit account, and loss account.

We need to define the payment method and outstanding payment account on the incoming payments and outgoing payments tab. For the outstanding receipts account, define the PDC receivable account and for the outstanding payment account, define the PDC payable account.

Now, we would be able to register the payment with this journal cheque and manage the PDC.

Now, let's suppose a customer is invoiced worth $1000. After 3 days from the invoice date would be set as a payment date.

We can see the record invoice in the partner ledger as well by going into reporting > partner ledger.

Then, let’s say,  a customer has made the payment through a cheque. To record the payment click on customers > payments. While creating a payment we need to ensure that we select the customer for the payment that we have invoiced, the journal should be “cheque” and the date would be the cheque date in future as in PDC we receive payment in future.

While posting the payment the related journal entry would be created.

Again in the partner ledger, we can see both the recorded entries of invoice and the cheque payment for the customer.

Now, let’s create a bank statement for the payment we have created. By going into the accounting dashboard > bank journal > new transaction.

And add details about the cheque payment.

Then, Again on the bank journal click on “Reconcile 9 items”.

Here, we can select a payment against an invoice to reconcile And validate it.

After the reconciliation, the status of the invoice would be “paid”.

As a payment received through the cheque, the payment is done when we receive the cheque but actually, it is not received in our accounts. Hence, the payment received in the company only reflects after the bank reconciliation.

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To conclude, the cheques that are supposed to be deposited in future are named post-dated cheques, with the help of odoo’s accounting application, we may get an effective solution for managing post-dated cheques in odoo.

Also Check our Account Cheque Management Odoo Module

About Account Cheque Management Module: In businesses usually, transactions are mainly done through cheques. To manage such transactions in Odoo, we have our module- Account Cheque Management which allows a user to manage the cheque payments in Odoo in the cheque ledger with each status like blank, reconciled, unreconciled, cancelled and much more. Users can register a payment through cheque and then it can be reconciled with the bank statement.