Our business receives a lot of Post Dated Cheques. Sometimes customers give several PDC for one invoice.
Invoice value - 10,000/= ,
Invoice date - 22/09/2016
Customer gives 3 Post Dated Cheques for the invoice on 22/09/2016 (Same day as the invoice)
Cheque 1 - 2,500/= , Date - 22/11/2016
Cheque 2 - 2,500/= , Date - 22/12/2016
Cheque 3 - 5,000/= , Date - 22/01/2017
How can we account for it? Any suggestions?
Also, since we receive a lot of PDCs, how can we keep track of the due dates? (when to deposit the cheques)
Any help is appreciated.