If by the company requirements Cheques are required to be processed with balances affecting on the day of posting the entry (adjusting Customer/Supplier balances and Current Assets/Liabilities), cheques with DUE CLEARED Status are to be used.
DUE POSTED Cheques are processed same was was Due cheques, but with major differences:
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The accounting vouchers posted are affecting the ledgers and reports (Contractors Statements, General Ledger, Trial Balance, Balance Sheet, etc.)
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Should be passed though the GL accounts not the bank account directly, for example:
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10700 - Cheque Issued Control Account (Current Assets)
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10800 - Cheque Received Control Account (Current Liabilities)
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Have created separate bank account with link to the main one
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Once the DUE POSTED Cheque status is changed to CLEARED, system will create the clearance voucher on the date of clearance by Debiting/Crediting Bank account and corresponding Cheque Issued/Account based on setup
Setup:
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For each bank required to process DUE POSTED cheques 2 sub-bank accounts (Cheque Accounts) should be created, one for Cheque Issued Control and other for Cheque Received Control
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In Cheque Bank selection set the parent-linked bank from the drop down list
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Cheque Kind - Select the Kind of Transactions present for creating of the clearance voucher: Debiting/Crediting Bank account and corresponding Cheque Issued/Account
