Cheque Payments

Cheque payments form reduces the bank account value and the amount outstanding to our creditors. Where the creditor is a foreign creditor, FX Gains and Losses are posted. Bank charges and discounts for early payment can also be recorded and posted in this form. Grouping of the journal lines depends on the batch type as follows:

• Cheque - the journal is grouped by the cheque number unless 'One Cheque' is ticked and the journal will then be consolidated.
• EFT - the journal is grouped by the EFT Reference field. Where this is left blank, the journal consolidates into one line for the bank, one line for the creditor etc.

Example

FX creditor A- payment of $5,000.00 with an FX Gain of $150.00 and bank charges of $25.00
Local creditor B- payment of 6,500.00 with a discount for early payment of 50.00 Inc GST

Ledger	BAS  Code	Debit	Credit
Creditor Value - Creditor A		5000.00
Bank Account - from cheque payment form (including any bank fees and charges)			5025.00
FX Gains/Losses - Creditor A			150.00
Creditor Value - Creditor A		150.00
Bank Charges - from cheque payment form		25.00
Creditor Value - Creditor B		6,550.00
Bank Account - from cheque payment form			6,500.00
Discount - Creditor B Discount			45.45
Discount GST - Tax Maintenance > GST Inwards Adjustment			4.55

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