Wholesale and corporate trade heavily utilizes post-dated cheques (PDC). BPS POS Cheque Management tracks cheques from "Received In-Hand", to "Deposited in Bank", and finally "Cleared & Reconciled".
Figure: BPS POS Cheque Management Received and Cleared Lifecycle in BPS POS.
Cheque Lifecycle Workflow
Follow these step-by-step instructions inside your BPS POS dashboard to configure and operate this workflow seamlessly:
- Record Received Cheque: When a client hands over a cheque, go to Finance → Cheques → Add Cheque.
- Enter Cheque Info: Input Cheque Number, Bank Name, Issue Date, Due Clearance Date, and Amount.
- Mark as Deposited: On the due date, take the cheque to the bank and change status to Deposited with target bank account selection.
- Mark as Cleared: Once funds reflect on your bank statement, mark status as Cleared to increment bank ledger balance.
- Automated Alerts: BPS POS alerts you 24 hours before post-dated cheques mature for bank deposit.
BPS POS Pro Tip & Best Practice
Never mark a cheque as "Cleared" until verified on your online banking portal to prevent recognizing uncollected revenue.
Why This Workflow Matters for Your Business
Lightning-Fast Operations
Eliminate cashier bottlenecks, reduce customer waiting times, and handle peak rush hours effortlessly.
100% Financial Accuracy
Automate tax math, stock deductions, and ledger balances to eliminate human calculation mistakes.
Frequently Asked Questions (FAQs)
Can I issue outward cheques to suppliers for purchase payments?
Yes, outward cheques track company cheques handed to vendors until they present them for clearance.
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