Overview

How banks deal with post-dated cheques is country specific. In some countries, like South Africa, cheques have been discontinued but organisations can create future-dated electronic transactions.

These tutorials explain how to create, edit and view post-dated transactions for purchases linked to a Supplier and General Expenses.

Navigation: Main Menu > Accounting > Ledger

Navigation: Main Menu > Accounting > Supplier Payments

How to Create Bank Accounts 

1. Navigate to Main Menu > Setup > Accounting > Accounts > Statement of Financial Position > Assets.

2. Right click on Bank > Add Account.

   1. Create a Bank Account and name it Supplier PD Control.

   2. Create a Bank Account and name it Customer PD Control.

How to Link the Bank Accounts 

1. Navigate to Main Menu > Setup > Accounting and click the Settings tab.

   1. Click the arrow in the Value column next to Post-Cheque Bank (Customer) and select a Bank Account from the dropdown list.

   2. Click the arrow in the Value column next to Post-Cheque Bank (Supplier) and select a Bank Account from the dropdown list.

How to Create Entry Types 

Fields not shown below should be left blank. 

1. Navigate to Setup > Accounting and click the Entry Types tab.

2. Click Add Entry Type (button) and create the entries below:

• Entry Type Customer Post-Dated Cheque Receipts

• Code CA_PDC

• Dr Account Customer PD Control

• Cr Account Customer

• VAT Type No VAT

• Enter Incl.

• Entry Type Supplier Post-Dated Cheque Payments

• Code SA_PDC

• Dr Account Supplier

• Cr Account Supplier PD Control

• VAT Type No VAT

• Enter Incl.

• Entry Type Clear Customer Post-Dated Receipts

• Code

• Dr Account Bank Account

• Cr Account Customer PD Control

• VAT Type No VAT

• Enter Incl.

• Entry Type Clear Supplier Post-Dated Payments 

• Code

• Dr Account Supplier PD Control  

• Cr Account Bank Account 

• VAT Type No VAT

• Enter Incl.

Option A: Enter Future-dated Transactions on their Actual Dates 

This process is ideal when there are only a few post-dated transactions. The transactions will show outstanding on the Bank Reconciliation, and you can track them that way.

How to Ensure Future-Dated Transactions are Recorded on the Right Dates 

1. Navigate to Main Menu > Accounting > Financial Close Off Date.

2. If there is a Date, use backspace to remove the date.

   • Note: Remember to set the date again once you have entered the future-dated transactions.

How to Enter General Expenses

Although the Entry Type is named General Expenses you can also use this procedure when paying for assets.

1. Ensure that all periods are open.

2. Navigate to Main Menu > Accounting > Ledger.

3. Click New (button) > General Expenses.

4. Enter both the future Date and Period.  

5. Select an Expense Account next to Dr. General Ledger.

6. Select a Bank Account from which the Expense was paid next to Cr. Bank.

7. Enter the amount next to Total (Inc) and select the appropriate VAT Type.

8. Enter the Reference and Note in the sections provided.

   • Note: Use the cheque number as the Reference.

9. Click View (button) > Items to see how the entry will be posted.

10. Click Done (button).

How to Manually Create Supplier Payments 

1. Ensure that all periods are open.

2. Navigate to Main Menu > Account > Ledger.

3. Click New (button): mouse over Supplier Transactions and click Supplier Payments.

4. Enter both the Date and Period.

5. Select the Supplier next to Dr. Supplier.

6. Select the Bank Account next to Cr. Bank. 

7. Enter the amount paid next to Total (Inc) and select No VAT.

8. Enter a Reference and Note in the sections provided.

   • Note: Use the cheque number as the Reference.

9. Click View (button) and select Items to show a list of outstanding items.

10. Allocate the Payment to the applicable Invoices (see the Outstanding section on the bottom right):

    • Click Allocate (button) to automatically allocate the payment, or

    • Click Select to choose the invoices that were paid by ticking the box next to the applicable invoices.

11. If there was a previous Overpayment on the account, click Menu > Clear Overpayment to allocate the current payment to the Overpayment.

12. Click Done (button).

Option B: Enter Future-Dated Transactions into Control Accounts 

If you issue and receive many post-dated cheques, you can enter them into control accounts. The advantage of this method is that you can see all post-dated cheques and receipts at a glance (with totals). This method requires additional entries to transfer the payments and receipts to and from the control accounts.

How to Setup BOS Professional for Option B 

1. Navigate to Main Menu > Setup > Accounting > Accounts > Statement of Financial Position > Assets.

2. Right click on Bank > Add Account.

   1. Create a Bank Account and name it Supplier PD Control.

   2. Create a Bank Account and name it Customer PD Control.

3. Navigate to Main Menu > Setup > Accounting > Settings (tab).

   1. Select a Bank Account into which Customer Receipts will be banked.

   2. Select a Bank Account from which Post-Dated Transactions will be processed.

4. Navigate to Main Menu > Setup > Accounting > Click the Entry Types tab.

5. Click Add Entry Type (button) and create these entries:

Fields not shown below should be left blank. 

• Entry Type Customer Post-Dated Cheque Receipts

• Code CA_PDC

• Dr Account Customer PD Control

• Cr Account Customer

• VAT Type No VAT

• Enter Incl.

• Entry Type Supplier Post-Dated Cheque Payments

• Code SA_PDC

• Dr Account Supplier

• Cr Account Supplier PD Control

• VAT Type No VAT

• Enter Incl.

• Entry Type Clear Customer Post-Dated Receipts

• Code

• Dr Account Bank Account

• Cr Account Customer PD Control

• VAT Type No VAT

• Enter Incl.

• Entry Type Clear Supplier Post-Dated Payments 

• Code

• Dr Account Supplier PD Control  

• Cr Account Bank Account 

• VAT Type No VAT

• Enter Incl.

How to Enter Post-Dated Supplier Payments 

1. Navigate to Main Menu > Accounting > Ledger.

2. Click New (button).

3. Select Supplier Post-Dated Cheque Payments.

4. Follow the procedure for Supplier Payments.

   • Note: Use the cheque number as the reference number, if applicable. The Bank Account that is credited is the Supplier PD Control Account.

How to Enter Post-Dated Customer Receipts 

1. Navigate to Main Menu > Accounting > Ledger.

2. Click New (button).

3. Select Customer Post-Dated Cheque Receipts.

4. Follow the procedure for Customer Receipts.

   • Note: The Bank Account that is debited is the Customer PD Control Account.

How to Clear Post-Dated Supplier Payments 

1. Navigate to the Main Menu > Accounting > Ledger.

2. Click New (button).

3. Select Clear Supplier Post-Dated Payments.

4. Enter the Cheques that have been banked.

   • Note: You only need to enter the Date, Reference and the Amount. The Dr and Cr Accounts will be prefilled using the accounts that were created when you created the Entry Types.

How to Clear Post-Dated Customer Receipts 

1. Navigate to the Main Menu > Accounting > Ledger.

2. Click New (button).

3. Select Clear Customer Post-Dated Receipts.

4. Enter the Receipts that have been banked.

   • Note: You only need to enter the Date, Reference and the Amount. The Dr and Cr Accounts will be prefilled using the accounts that were created when you created the Entry Types. 

How to View a List of Post-Dated Payments 

1. Navigate to the Main Menu > Accounting > Ledger.

2. Select Filter = Transactions.

3. Select Entry Type = Supplier Post-Dated Cheque Payments.

4. Set the Date.

5. Click View (button).

How to View a List of Post-Dated Receipts 

1. Navigate to the Main Menu > Accounting > Ledger.

2. Select Filter = Transactions.

3. Select Entry Type = Customer Post-Dated Cheque Receipts.

4. Set the Date.

5. Click View (button).

If you use Option B, ensure that you reconcile the Supplier PD Control and Customer PD Control accounts monthly. These accounts should always have a zero balance for the previous month.