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Received Cheque (Refunds or Advances)

Cheque Received as Refund or Advance Payment from a Party​

A Received Cheque refers to a cheque received by a business as either a refund from a vendor or an advance payment from a customer or other party. This financial document helps manage incoming payments and ensures accurate tracking of funds before they are cleared or applied against invoices or transactions.

What is a Received Cheque?​

Received Cheques are cheques physically received by an organization that represent either refunds due from suppliers or advance payments made by customers. These cheques require proper recording, deposit, and reconciliation within the financial system to maintain accurate cash and accounts receivable/payable balances.

Key Features of Received Cheque in PrismERP​

  • Cheque Receipt Recording
    Log all received cheques with details such as payer information, amount, and date.

  • Bank Deposit Integration
    Link received cheques to bank deposits for seamless update of bank balances.

  • Status Tracking
    Track cheque status including received, deposited, cleared, bounced, or returned.

  • Advance and Refund Management
    Categorize received cheques as refunds or advance payments for appropriate accounting treatment.

  • Approval and Verification Workflow
    Establish controls to verify and approve receipt of cheques before processing.

  • Audit Trail
    Maintain comprehensive history of received cheque transactions for compliance and review.

  • Multi-Currency Handling
    Support received cheques in different currencies with exchange rate adjustments.

Who Should Use Received Cheque Management?​

  • Accounts Receivable teams processing customer advance payments
  • Procurement and Finance teams managing vendor refunds
  • Organizations requiring strict control over incoming cheque payments
  • Businesses in cheque-prevalent markets seeking efficient payment tracking

PrismERP’s Received Cheque feature provides an efficient way to handle refund and advance payment cheques, ensuring accuracy, transparency, and control over incoming funds.

Request a demo today to see how this feature can benefit your financial operations.