HOW TO USE THIS MODULE”PDC Management”
In the Accounting/Payments menu, there are options for both sending and receiving money, depending on the respective supplier or customer.
The Payment Type can be either Vendor or Customer, based on the transaction party. Next, the partner’s name needs to be selected, followed by specifying the payment amount intended for the vendor or customer. The Amount in Words field will be automatically populated based on the given payment amount.
For the Payment Journal, it should be set as “Bank” since PDC transactions primarily involve banks. Within the available payment method options, PDC should be selected. When the PDC option is chosen, the PDC Account field will appear automatically.
Lastly, the Effective Date should be mentioned, indicating the date on which the cheque will become effective. This comprehensive setup ensures accurate and efficient management of payment transactions.
Once the effective date matures, you will need to release the payments. To do so, simply click on the “Release” button to initiate the payment release process.
After clicking the “Release” button, a Release Journal Entry is generated, and the status is updated to the released state.
In the Released Journal Items, you will notice that the PDC account is debited, while the bank account is credited.
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