Cheque received but not Cleared

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This discussion addresses how to account for a cheque received on 29th April 2022, dated 31st March 2022, within Tally accounting software. The consensus is that no entry should be made in March as the cheque was received later. Instead, the cheque should be debited to the bank account upon receipt. The 'cheque received but not cleared' status is typically managed through the bank reconciliation statement.

Amandeep Singh

Amandeep Singh (Querist)
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29 April 2022 Dear Sir

We have received a Cheque from Sundry Debtors on Dt.29 april 2022 But Cheque date is 31.03.22 So please suggest in which Group i create the ledger Cheque Received but not Cleared in Tally.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 April 2022 No need to create such ledger as cheque received on 29th April.
Debit bank account.
Only on bank reconciliation statement cheque deposited not realised appear.

Amandeep Singh

Amandeep Singh (Querist)
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29 April 2022 SIR, We need to pass the entry in books of account in 31 March because as per books of account in party balance is NIL

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 April 2022 Cheque received on 29th no entry can be passed in March.

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