J/E for received post dated checks
what journal entry should I do when I received a postdated checks?
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08/06/10 3:01pm PDT
Viewed by asker 08/23/10 12:27pm PDT
Viewed by asker 08/23/10 12:27pm PDT
4 Replies
Michelle Long CPA
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08/21/10 7:01am PDT
Best Answer - Chosen by the Community
You received checks that you aren't going to cash for awhile? I would enter the Payment Received and let it sit in undeposited funds until I made the deposit. No JE at all -- you very rarely enter JEs in QuickBooks.
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08/23/10 10:04am PDT
Is it possible if i do the postdated check as Debit Note Receivable Credit Sales then when the time comes for the check to be deposited I will debit Cash or Bank then credit Note receivable? Thanks for your reply.
08/23/10 10:14am PDT
How long are you holding these checks? Seems silly to move it from accounts receivable to another receivable account. If you Credit Sales, then you will have doubled the income since the invoice records the income. You would want to credit accounts receivable but I wouldn't recommend JEs -- they do not show up in the customer center.
Please post additional questions or else click SOLVED. Thanks!
08/23/10 11:45am PDT
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I usually hold the checks for 30 to 60 days.
how come when I entered it as undeposited funds, my balance to the accounts receivable becomes negative?
