A Cheque From March That Nobody Ever Banked
It was written, handed over and deducted in your books. The party never took it to a bank. Every purchase decision since has been made against a balance that is wrong.
Money that has left the books but not the bank
Two lists cause most of the gap between your balance and the bank’s. Cheques you issued that are still in somebody’s drawer, and cheques you deposited that the bank has not credited yet. Neither one is a mistake. Both are held with the date they were written, so age is visible at a glance.
What each list holds
Issued and not presented
Cheque number, party, amount and the day it was handed over. When it finally appears on a statement, it matches and drops off the list.
Deposited and not credited
What you banked and the bank has not cleared. A cheque sitting here past a few working days is usually a returned one nobody told you about.
Age on every line
The oldest sit at the top. A stale cheque is a conversation with the party, and the list tells you which one to have this week.
The real cash position
Book balance, bank balance, and these two lists standing between them. That is the figure to look at before you commit to a purchase.
Who opens this list
The accounts assistant
Flags the cheque that went nowhere and writes what the party said when asked.
The accountant
Reads it as part of the reconciling items on the closing date, before signing the month off and locking what has already been matched.
The owner
Wants one thing from it. What can actually be spent this week.
Frequently asked questions
Can it tell us why a cheque was never presented?
No. Somebody has to ring the party and ask, and the answer is usually that it was misplaced or held back over a dispute nobody in your office ever heard about. The list makes sure that question gets asked while the cheque is still traceable.
What happens to a cheque that has gone stale?
It stays on the list with its age until a person decides, because a cheque from March is a conversation with the party rather than something software should close by itself. Cancel it and pass a reversal, or reissue it. The decision is recorded.
Does it know when a deposited cheque bounced?
It knows when the credit never arrived, and when a return fee was debited. The return memo itself comes from your bank, and matching the two is a minute’s work at the desk.
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