Elorus offers you the ability to keep records and manage incoming. as well as outgoing, bank cheques. You can keep an eye on pending or paid cheques and associate them with sales or purchases documents. Upon adding a new cheque you can select its drawer from your contacts, enter its value, its issuance and expiration dates. Optionally, you can add additional information, like its number or the cheque’s Bank and select one, or more documents corresponding to its payment.
Note: All cheques, incoming or outgoing, have to match in terms of currency with their related invoices. Also, their exchange rate "locks" to the suggested rate for the date the cheque was issued. For information on multiple currencies and exchange rates, please visit our article.
Next, you can monitor your cheque’s status, altering it whenever cancelled, returned from the Bank or bounced. Once a paid cheque is associated with one or more documents, then the related cash receipts will be automatically created. Either concerning an incoming cheque associated with sales documents or an outgoing related to purchases documents, the cash entries generation remains the same.
The application will attempt to pay off all documents based on the cheque’s amount by prioritizing documents with earlier issuance date. Earlier issued documents are the ones that will be paid first. If the cheque’s amount is greater than the document's value, an additional cash receipt / payment (depending on the type of cheque) entry will be generated with the amount of difference. For example, as soon as the above image’s cheque is paid, a cash receipt will be generated for the related sales document equal to its total value (€ 86,40).