Please guide me regarding accounting treatment of stale cheque from very begning till end and also guide about treatment of cheque after 3 years of issue in case of full & final payment cheques.
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Stale Cheques
Replies (2)
make reverse payment entry and make the creditor alive.
if the client has re-validated the cheque or issued fresh cheque on current date then it would get uneffected,
pass the reverse entry for staled cheque. debit the bank a/c and credit the creditor.
If you have not written off the creditor then pass the usual entry and write off the balance amount.
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