customer payment by check

Question

Dear sirs,
Kindly advise me i apply check payment against client invoice when i recive the check from customer or when I receive the money in my bank after deposit check , please advise refernce the last update from IFRS , i am talking about version 11, awaiting your response ASAP

Pinakin Nayi (pna) · Answer

You can do both. When you receive check you can record payment entry.
Now, when in actual you deposit check in your bank you can receive bank feed(statement) and you can reconcile your payment with your bank statement.
So the condition looks like,
Invoice Reconcile with Payment and your payment entry reconcile with your bank statement.

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