Add to Favourites

Recording and Tracking Post-dated Cheques

Issuing a post-dated cheque is a common practice in every business. After you have issued or received a post-dated cheque you need to record it in your books. You can create a post-dated voucher to record the issue or receipt of a post-dated cheque. You can also view multiple reports for post-dated cheque management, such as Post-dated Transaction Report, Post-dated Issued Report, Post-dated Received Report and so on. All these reports in TallyPrime help you to view the list of post-dated entries you have passed, and the list of post-dated cheques received and issued.

A post-dated cheque is a normal cheque, with the date written for a future date. Such cheques are not payable until the date mentioned on the face of the cheque. In the accounting books of both the issuer and the recipient, either the transaction will not be recorded until the date provided on the cheque or is recorded on the date provided on the cheque and marked as post-dated. You can issue a post-dated cheque for many reasons. For example, when there is a shortage of funds and you need to make payment to your supplier you can issue a post-dated cheque or if you have given a credit period to your customer for 30 days, then you can ask for a post-dated cheque from the customer to ensure that the payment happens in that period.

The features of post-dated cheque management supported in TallyPrime are:

• You can manage all the receivables/payables considering the impact of receipt/issue of post-dated cheques along with real-time accounts. This will aid you in planning your cash flows.
• You can eliminate the need for additional transactions at the time of realisation.
• Avoid delay in revenue realisation by presenting the PDCs on time.

If you have received a post-dated cheque and you are not aware as to which bank you want to deposit the cheque and record the entry in your books, you can always record such entries under Notional Bank. The features of Notional Bank are similar to any other bank ledger, you only need to configure your bank ledger to enable using it as a Notional Bank for post-dated transactions.

Recording of Post-Dated Cheque Entry

When you receive or pay a post-dated cheque, you need to record the same in your books. While recording the transaction, change the current date and enter the date as mentioned in the post-dated cheque and mark the voucher as post-dated. You need to mention the date when you will encash the cheque. Such cheques are not payable until the date written on the face of the cheque. 

TallyPrime facilitates the smooth management of post-dated cheques and the underlying transactions:

• You can record the entry mentioning the date as given in the post-dated cheque and mark the transaction as post-dated.
• The transaction will automatically affect the accounting books on the date of the post-dated cheque.
• You can obtain a comprehensive summary of all transactions involving post-dated cheques, using the Post-Dated Summary report.
• You can include post-dated transactions in other accounting reports such as Ledger Vouchers, Group Summary, Outstandings reports, and so on.

In this section

• Create a post-dated voucher
• View current and final balances of a party ledger
• View balance including post-dated transaction

Create a post-dated voucher

While recording the issue or receipt of a Post-dated cheque you need to record the transaction as a post-dated voucher.

1. Press Alt+G (Go To) > Create Voucher > press F5 (Payment).
   Alternatively, Gateway of Tally > Vouchers > press F5 (Payment).
2. Press F2 (Date) to change the Voucher Date and update the date as mentioned in the post-dated cheque. 
3. In the Payment Voucher screen, press Ctrl+T (Post-Dated).
   The voucher will be marked with the status as Post-Dated as shown below:
   
4. Select a bank ledger in the Account field.
5. Under Particulars, select the party ledger to whom the post-dated cheque has been issued.
6. Provide the Amount and Bill-wise Details for the payment.
   The Bank Allocations screen appears.
   The fields PDC issue date and PDC note will be available on the screen. These fields are available for post-dated transactions only and to mention the post-dated notes.
7. Fill in the date on which the post-dated cheque was issued to the party and fill in the PDC note.
   
8. As always, press Ctrl+A to save the Bank Allocations screen details.
9. Accept the voucher. As always, you can press Ctrl+A to save.

Similar to the Payment Voucher, you can also record Receipt and Contra entries for post-dated cheques.

View current and final balances of a party ledger

While recording the post-dated transaction, you can configure the Payment Voucher to view the balances of party ledgers. This option will help you to view the final balance of each bill that is due and also the final party ledger balance.

1. In the Payment Voucher, press F12 (Configure) and enable
   1. Show Final Balances for each Bill: Enabling this option will display the amount that remains due, if any post allocation, in the Bill-wise Details screen.
   2. Show Final Ledger Balance: Enabling this option will display the party ledger’s balance after including the post-dated transactions for the party ledger, in the Payment Voucher.
      
2. Press Ctrl+A to save the screen.

You can view the current balances of the party ledgers in the vouchers.

View balance including post-dated transaction

After recording the post-dated transactions, you can observe the final balance of ledgers, which incorporates the post-dated transactions, enabling you to determine the projected balance of your ledger.

1. Press Alt+G (Go To) > type or select Ledger Voucher > and press Enter.
   Alternatively, Gateway of Tally > Display More Reports > Accounts Book > Ledger.
2. Select Party A/c (it displays the Party A/c balance based on the Date of Last Entry).
3. Press Alt+F8 (Incl Post-dated) to see the final balance of the ledger.

Now balances of the ledger show including PDC transaction (which is the projected balance).

View Post-dated Transactions Report

All the post-dated vouchers recorded in relation to the post-dated cheque received or issued can be viewed from the Post-Dated Transaction Report. You can also drill down to the voucher if you need to alter any details. The report displays the number of post-dated cheques that have been received and issued for each month for a selected bank and their aggregate values.

In this section

• Post-dated transactions monthly summary
• Post-dated transactions report

Post-dated transactions monthly summary

From this report, you can view all the post-dated vouchers recorded each month.

1. Press Alt+G (Go To) > type or select Post-Dated Summary > and press Enter.
   Alternatively, Gateway of Tally > Banking > Post-dated Summary > and press Enter.
2. Select the required bank from the List of Banks. 
   The Post-Dated Transactions Monthly Summary report appears as shown below:
   

The report displays the below columns:

• Particulars: This displays the list of months for the given financial year.
• Received: This column is divided into two sub-columns, Amount and Count. The Amount column displays the total value of the post-dated cheques received. The Count column displays the total number of post-dated cheques received.
• Issued: This column is also divided into two sub-columns, Amount and Count. The Amount column displays the total value of the post-dated cheques issued. The Count column displays the total number of post-dated cheques issued.

Post-dated transactions report

From the post-dated transactions monthly summary report, if you further drill down from any month you can see the Post-Dated Transactions report.

The report displays information as follows:

• Date: Displays the date provided in the voucher while recording the post-dated transaction in TallyPrime.
• Type: This indicates if a post-dated cheque has been issued or received.
• Bank: Displays the bank ledger that has been used to record the transaction.
• Particulars: Displays the name of the party ledger that has been used to record the transaction.
• Instrument no.: Displays the instrument number entered in the Bank Allocations screen while recording the transaction.
• Instrument Date: Displays the instrument date entered in the Bank Allocations screen while recording the transaction. That is, the date provided on the face of the cheque.
• Status: This indicates the current status of the cheque. There are three types of status for a cheque:
  • Pending: When the transaction is recorded as Post-dated.
  • Unlinked: When the cheques received are recorded under Notional Bank.
  • Regularized: The status column does not display this option, however, the status Pending or Unlinked changes to Regularized:
    • When the post-dated cheque date is equal to or more than the Date of Last Entry indicated in the Gateway of Tally.
    • The transaction recorded under Notional Bank is moved to a regular bank.
• Amount: Displays the value of the post-dated cheque issued/received.

You can also customise the report to view it as per your requirements.

• F4 (Ledger): You can switch to other ledgers from this option.
• Ctrl+F4 (Bank): You can switch to another Bank from this option.
• F8 (Show All): This option will let you see all the transactions. The same option you can press to view only Pending line items.
• Ctrl+H (Change View): You can view the Related Reports such as Post-dated Issued and Post-dated Received.
• Ctrl+J (Exception Reports): You can view Optional Vouchers from this option.
• Alt+B (Alter Bank): From this option, you can select a particular transaction and choose from the list of banks to move the transaction to the other Bank.
• Alt+H (Alter Date): Select the line item to alter the voucher date from this option.
• Alt+Q (Quick Search): This option helps you to quickly search the details of any cheque from the List of Transactions.
• Alt+R (Enter Note): Select the line item to alter the note mentioned for PDC.

Apart from the above-mentioned options, you can further configure your report from F12 (Configure).

• Show Favouring Name/Received From: Enabling this option will add another column in the report and will display the name to whom the cheque is issued or from whom the cheque is received.
• Show Issue/Receipt Date: Enabling this option will add another column in the report and will display the Issue or Receipt Date of the post-dated cheque.
• Show Notes for Post-dated Cheques: Enabling this option will display the note mentioned in the Bank Allocations screen while recording the transaction.

Apart from Post-dated Summary and Cheque Register, in other MIS reports such as Cash Flow and Funds Flow Statement, and other reports such as Ledger Vouchers, Group Summary, Outstanding reports and so on, you have the option to include or exclude post-dated transactions.

View Post-dated Issued Report

The Post-dated Issued report in TallyPrime displays particulars of all the post-dated cheques issued to vendors and suppliers against business transactions.

1. Press Alt+G (Go To) > type or select Post-dated Summary > and press Enter.
   Alternatively, Gateway of Tally > Banking > Post-dated Summary > and press Enter.
2. Select the required Bank from the List of Banks, and press Enter.
3. Place the cursor on the Amount and Count values displayed under the Issued column, and press Enter.
   The Post-dated Issued report appears, as shown:
   

You can also customise the report to view it as per your requirements.

• F4 (Ledger): You can switch to other ledgers from this option.
• Ctrl+F4 (Bank): You can switch to another Bank from this option.
• F8 (Show All): This option will let you see all the transactions. The same option you can press to view only Pending line items.
• Ctrl+H (Change View): You can view the Related Reports such as Post-dated Transactions and Post-dated Received.
• Ctrl+J (Exception Reports): You can view Optional Vouchers from this option.
• Alt+B (Alter Bank): From this option, you can select a particular transaction and choose from the list of banks to move the transaction to the other Bank.
• Alt+H (Alter Date): Select the line item to alter the voucher date from this option.
• Alt+Q (Quick Search): This option helps you to quickly search the details of any cheque from the List of Transactions.
• Alt+R (Enter Note): Select the line item to alter the note mentioned for PDC.
• Alt+J (Create Voucher): You can directly go to the Payment Voucher screen from this report.

You can further configure your report from F12 (Configure).

View Post-dated Received Report

The Post-dated Received report in TallyPrime displays all the post-dated cheques received from parties and vendors against business transactions.

1. Press Alt+G (Go To) > type or select Post-dated Summary > and press Enter.
   Alternatively, Gateway of Tally > Banking > Post-dated Summary > and press Enter.
2. Select the required Bank from the List of Banks, and press Enter.
3. Place the cursor on the Amount and Count values displayed under the Received column, and press Enter.
   The Post-dated Received report appears, as shown below:
   

You can also customise the report to view it as per your requirements.

• F4 (Ledger): You can switch to other ledgers from this option.
• Ctrl+F4 (Bank): You can switch to another Bank from this option.
• F8 (Show All): This option will let you see all the transactions. The same option you can press to view only Pending line items.
• Ctrl+H (Change View): You can view the Related Reports such as Post-dated Issued and Post-dated Transactions.
• Ctrl+J (Exception Reports): You can view Optional Vouchers from this option.
• Alt+B (Alter Bank): From this option, you can select a particular transaction and choose from the list of banks to move the transaction to the other Bank.
• Alt+H (Alter Date): Select the line item to alter the voucher date from this option.
• Alt+Q (Quick Search): This option helps you to quickly search the details of any cheque from the List of Transactions.
• Alt+R (Enter Note): Select the line item to alter the note mentioned for PDC.
• Alt+J (Create Voucher): You can directly go to the Receipt Voucher screen from this report.

You can further configure your report from F12 (Configure).

Configure Bank Ledger to Record Receipts for Uncertain Banks

A Notional Bank exhibits the same features as a normal bank account, created under the group Bank Accounts. You can use a Notional Bank account to record the receipt entry when you are unable to decide the bank in which you will deposit the post-dated cheques. To use a bank account as a Notional Bank account you need to configure an existing bank ledger as a Notional Bank or you can create a separate bank ledger for better tracking of the transactions. In TallyPrime, you can enable this option only for the Bank ledger currently used in the recording of the transaction instead of enabling the option for all the bank ledgers created.

1. Enable Notional Bank for all bank ledgers.
   1. In the Ledger Creation/Alteration screen for Bank Ledger, press F12 (Configure).

   2. Enable Set Bank Ledgers as Notional Bank Ledgers (for Post-Dated Vouchers).

   3. Press Ctrl+A to accept the screen.
2. Under Bank Configuration, Use as Notional Bank for Post-Dated Vouchers to Yes.
   If you need to use this option only for the current bank ledger, press Ctrl+I (More Details) > type or select Notional Bank and press Enter > set the option Use as Notional Bank for Post-Dated Vouchers to Yes.
   
3. As always, press Ctrl+A to accept the screen.

Once the bank ledger is configured to be used as Notional Bank, you can start recording the receipts for post-dated cheques in case you are unsure about the bank where you want to deposit the cheque.

Pass Post-Dated Cheque Transactions for Notional Bank

Once you have configured your Bank ledger as Notional Bank or created a new Bank ledger as Notional Bank, you can start recording transactions for your post-dated cheques. Whenever you receive post-dated cheques and are unsure which bank you want to deposit the cheque, you can record such receipts under Notional Bank. Later, when you have identified the bank where the cheque will be deposited, you can manually make the change to the bank.

When Post-dated Cheque is received, pass a Receipt Voucher marking Post-Dated.

1. Press Alt+G (Go To) > Create Voucher > press F6 (Receipt).
   Alternatively, Gateway of Tally > Vouchers > press F6 (Receipt).
2. Press F2 (Date) to change the Voucher Date and update the date as mentioned in the post-dated cheque. 
3. Mark the voucher as Post-dated by Ctrl+T (Post-Dated) as shown below:
   
4. Select Notional Bank Ledger in the Account field.
5. Under Particulars, select the party ledger from whom the post-dated cheque was received.
6. Provide the Amount and Bill-wise Details for the payment.
   The Bank Allocations screen appears.
   The fields PDC receipt date and PDC note will be available on the screen. These fields are available for post-dated transactions only and to mention the post-dated notes.
   
7. Accept the screen. Press Ctrl+A to save the receipt voucher.

Transfer Notional Bank transactions to regular bank

Once you have recorded transactions under a notional bank, transfer the transactions from the notional bank to a regular bank when you determine the specific bank for depositing the cheque.

1. Press Alt+G (Go To) > type or select Post-Dated Summary > and press Enter.
   Alternatively, Gateway of Tally > Banking > Post-dated Summary > and press Enter.
2. Select the required bank from the List of Banks.
   The Post-Dated Transactions Monthly Summary report appears.
3. Press Enter from any month to view the Post-Dated Transactions.
4. Select the transaction and press Alt+B (Alter Bank) as shown below:
   The New Bank Name screen appears.
   
5. Select the regular bank from the list of banks and press Enter.
6. Press Ctrl+A to accept the screen.

For a specific date, you can view the PDC report from Day Book by pressing Ctrl+H (Change View) > Post-Dated Transactions.

The status of the cheque shows as Pending or Unlinked depending on the recording of the transaction.

Pending: The status shows as pending for those transactions that are recorded for a future date and marked as Post-Dated. Once the Date of Last Entry exceeds the date of the transaction recorded as Post-Dated the status automatically changes to Regularized and is removed from the list of Post-Dated Transactions.

Unlinked: The status shows as unlinked for the transactions that are recorded under Notional Bank. Once such transactions are moved under regular bank the status automatically changes to Regularized and is removed from the list of Post-Dated Transactions.