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    Mary Otti's Avatar
    Mary Otti Posts: 1, Reputation: 1
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    Jun 6, 2012, 04:29 AM
    Journal recording of cheques received
    How should checks received for payment but yet to be paid into the bank be recorded in the journal?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jun 6, 2012, 06:36 AM
    Quote Originally Posted by Mary Otti View Post
    How should checks received for payment but yet to be paid into the bank be recorded in the journal?
    It is usual to create the entry when the deposit is prepared. If you have one of those one writing receipting systems then a summary of those entries will serve as the basis of the journal entry. I would write individual entries in the Cash Receipts Journal with a reference to the bank deposit
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