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Post dated cheques querry

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 December 2011 while entering payment we ll post an entry in tally if some cheques are completed more than 6 months from the date of issue means now we have to delete that entry in tally or we have to give reverse entry? pls urgent
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Hari Beldona

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Hari Beldona (Expert)
20 December 2011 It will come in to effect from 01/04/2012 that is to say Banks should not make payments against cheques if they are presented after the period of 3 months from the date of issue
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
21 December 2011 I suppose you are asking about stale cheques, cheques that were issued more than 6 months ago.

Best Accounting treatment for Cheques that have become stale is to reverse the entry and NOT DELETE IT.

The payment entry and the reversal entry will be proof of issuing the cheque.
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