Quiz — 10 questions
- Why does a received cheque not appear in your bank balance immediately? → The value waits in an interim account and only reaches the bank when the cheque clears
- Name the three interim accounts. → PDC Receivable, Cheques Under Collection and Cheques Payable
- Which journal records the interim entries for every lifecycle step? → The Cheque Operations journal
- In manual clearing mode, what must you never also do? → Encode the same cheque movement from an imported bank statement, or the bank line is counted twice
- What does On bank statement reconciliation mode book when a cheque clears? → Nothing — the cheque is marked cleared when its interim line reconciles, and the statement stays the single source of bank lines
- Who can permit a post-dated cheque to be deposited before its date? → A manager
- After a UAE partial honour, for what amount is the cheque re-presented? → Its remaining balance, and the settled invoice re-opens for that amount
- From which state can a received cheque be endorsed to a supplier? → In Wallet only
- What does Void/Stop record for a draft leaf, and what for an issued cheque? → A draft leaf is recorded as spoiled with no entry, while an issued cheque is cancelled or reversed
- How many journal entries does a guarantee cheque post? → None at all, because no money has moved