Add & Manage bank cheques

Elorus offers you the ability to keep records and manage incoming ,as well as outgoing, bank cheques.

To activate, click "Settings-> Application Settings" and enable "Cheques" by clicking the box and saving your changes.

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 issuer 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, alter it whenever cancelled, returned from the Bank or bounced. Once a paid cheque is associated with one or more documents, the related receipts/payments will be automatically created. Either concerning an incoming cheque associated with sales documents or an outgoing one related to purchases documents, the «cash entries» generation process remains the same.

To pay a cheque, you’ll need to edit it and change the status to Paid.

The application will try to pay off all contact related documents based on the amount of the cheque received. Priority is given to the document (s) with the earliest date of issue.

If the amount exceeds the total value of the documents, the difference will be added in the payments sent or received and will be available for future documents.

To pay a check, you'll need to edit it and select the Paid status.

The application will try to pay off all documents based on the amount of the check and to give priority to the documents with the earliest issue date. Documents issued earlier are also those that will be paid first.

If the amount of the check exceeds the total value of the documents, then an advance payment will be created automatically with the amount of the difference.

For example, in the picture below, the cheque's amount is $2,000 and the invoice's total is $1,927.80.

Once the cheque is paid, a payment for the invoice will be created equal to its total value ($1,927.80) and an additional advance payment of $72.20 will be automatically generated, which you can use to pay off future documents via the transactions correlation feature.