Cheque - Revision history

TJB Jesse at 07:25, 16 October 2025

2025-10-16T07:25:24Z

← Older revision		Revision as of 03:25, 16 October 2025
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	'''Discrepancies''' - To avoid discrepancies employees need to prepare cheques in accordance with an organisations policies and procedures, check them when they are received and banked, keep cheques secure and bank them regularly.		'''Discrepancies''' - To avoid discrepancies employees need to prepare cheques in accordance with an organisations policies and procedures, check them when they are received and banked, keep cheques secure and bank them regularly.

			'''Note''' - cheques are only valid for [[six]] months after the issue date.

TJB Jesse at 07:38, 9 October 2025

2025-10-09T07:38:21Z

← Older revision		Revision as of 03:38, 9 October 2025
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	Cheques are gradually being phased out but are a form of [[payment]] where the payee records the amount to pay on a cheque, signing it to authorise. This is presented to a [[bank]] who then collects the money from the ~~payee~~'s bank.		Cheques are gradually being phased out but are a form of [[payment]] where the payee records the amount to pay on a cheque, signing it to authorise. This is presented to a [[bank]] who then collects the money from the payer's bank.

	'''When is a cheque used?''' Cheques are mostly used to pay suppliers through the post.		'''When is a cheque used?''' Cheques are mostly used to pay suppliers through the post.

TJB Jesse: Created page with "Cheques are gradually being phased out but are a form of payment where the payee records the amount to pay on a cheque, signing it to authorise. This is presented to a bank who then collects the money from the payee's bank. '''When is a cheque used?''' Cheques are mostly used to pay suppliers through the post. '''Checks''' * The date on the cheque is accurate. * The amount written in words and figures agree. * It has been signed * The business being pa..."

2025-10-06T07:53:26Z

Created page with "Cheques are gradually being phased out but are a form of payment where the payee records the amount to pay on a cheque, signing it to authorise. This is presented to a bank who then collects the money from the payee's bank. '''When is a cheque used?''' Cheques are mostly used to pay suppliers through the post. '''Checks''' * The date on the cheque is accurate. * The amount written in words and figures agree. * It has been signed * The business being pa..."

New page

Cheques are gradually being phased out but are a form of [[payment]] where the payee records the amount to pay on a cheque, signing it to authorise. This is presented to a [[bank]] who then collects the money from the payee's bank.

'''When is a cheque used?''' Cheques are mostly used to pay suppliers through the post.

'''Checks'''

* The [[date]] on the cheque is accurate.
* The amount written in words and figures agree.
* It has been signed
* The [[business]] being paid name is correct.

'''Issues'''

* [[Fraud]] - it's fairly easy to write a cheque when you don't have the funds in the account to pay for an item (by the times this is discovered and the cheque bounces it's too late for the [[retailer]] to do anything)
* [[Theft]] - cheque books are as valuable as [[cash]] so need to be secured.
* Cheques should not be signed until all the details have been completed, otherwise they can be used fraudulently

'''Payment timing''' - payment is made between 3 and 4 days of the cheque being deposited with a bank (this is known as the [[Cheque Clearing|cheque clearing]]) but this timing can be delayed if a [[business]] doesn't cash cheques promptly which can cause [[Cash Flow|cash flow]] issues. It's important to note that whilst a suppliers account may increase when a cheque is deposited, if the cheque doesn't clear the cheque can be rejected and the [[Financial Transaction|transaction]] reversed.

'''Discrepancies''' - To avoid discrepancies employees need to prepare cheques in accordance with an organisations policies and procedures, check them when they are received and banked, keep cheques secure and bank them regularly.