Post dating checks in quickbooks personals dating at 65078
Am I responsible for all the bounced check fees, since the checks wouldn’t have bounced if the bank had waited like it was supposed to before cashing it?The bank’s not responsible, since the law lets banks cash post-dated checks before the date on the check.We do that with the style and format of our responses.The following question was submitted to John Roska, an attorney/writer whose weekly newspaper column, "The Law Q&A," runs in the Champaign News Gazette. The person didn’t wait to cash it like he was supposed to, and my bank paid it, which caused several other checks to bounce.A vendor provides us with 10 net payment terms and we normally pay our bills through postdated checks. If you are a cash basis tax filer, you should not be using post-dated checks. If they are applying your payments, then you have Paid. Then, when they apply your payment credit balance to your charges with them, you use Vendor Bill but make it a credit.
Additionally, you should verify that you are not posting transactions to a date in a period that has been “closed”.
You could go after the person you wrote your check to, on the grounds that he broke an agreement to hold off on cashing the check.
But that might be hard to prove, and the amount involved—the bounced check fees—probably aren’t enough to sue over. If they weren’t, “pay day” lenders, and other crude forms of credit, couldn’t exist.
I hope you find my explanation clear and understandable.
based from actual practice: Post Dated Check or (PDC) shall be arranged according to due dates, shall be kept inside the office vault or deposited to the bank for safekeeping and upon due date Official Receipt or OR will be issued against the check, and that's the time it will be encoded in the system as deductions to Accounts Receivable..