PDC Management

$19.90

PDC MANAGEMENT

Post-dated checks offer a seamless payment solution, especially in realizing Line of Credit. Our cutting-edge system ensures their efficient use, transforming a potential complexity into a straightforward process. These checks also provide enhanced security measures, especially when an account becomes non-performing. Managing accounts through post-dated checks is paramount, influencing key servicing operations significantly.

Key Features:
– Effortless Vendor Post-Dated Check Management: Seamlessly handle post-dated checks from vendors, ensuring timely payments.
– Customer Post-Dated Check Management: Streamline customer post-dated check processing for efficient financial transactions.
– PDC Status Monitoring: Keep track of the status of post-dated checks, ensuring financial stability and operational ease.

With our advanced module, managing post-dated checks becomes not just easy but a strategic advantage, ensuring financial transactions are smooth, secure, and meticulously monitored. Stay ahead in your financial endeavors with our streamlined solutions.

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HOW TO USE THIS MODULE”PDC Management”

Please install Base Accounting kit Module, before installing this module.
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PDC (Post-Dated Checks) operations are primarily managed through bank journals. In the Bank Journal Configuration, the PDC checkbox must be set to True. Additionally, the PDC account should be configured in the bank settings. Proper configuration of PDC is crucial to ensure the seamless functioning of the PDC process.
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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.

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Upon confirmation and posting, a journal entry is generated. In this entry, the PDC account is debited, and the Bank account is credited.

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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.

 

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After clicking the “Release” button, a Release Journal Entry is generated, and the status is updated to the released state.

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In the Released Journal Items, you will notice that the PDC account is debited, while the bank account is credited.

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