The accounting treatment of transfer cheque payment is generally carried out by accountants through raw materials, bank deposits and other subjects. How to write specific accounting entries?
Accounting entry for transfer cheque payment
Debit: raw materials/inventory goods
Taxes payable - VAT payable (input tax)
Credit: bank deposit
What is the bank deposit account?
In accounting, bank deposits are classified as assets. The ending balance is on the debit side. In accounting entries, the debit represents an increase. The lender indicated a decrease. Bank deposits of enterprises include settlement account deposits, L/C deposits and foreign currency deposits. The cashier is responsible for the receipt and payment of bank deposits. For each business of bank deposit income and expenditure, accounting vouchers must be prepared according to the original vouchers that have been verified to be correct.
How to transfer a check to an account?
1. The back of the transfer cheque shall be endorsed and stamped with the reserved seal of the bank.
2. Fill in the invoice at the opening bank of the payee.
3. Give the endorsed cheque together with the receipt to the cashier of the payee's bank of deposit.
4. The bank will reply after sealing.
5. It will arrive two days after inter-bank.
How to seal a transfer cheque?
After receiving the transfer cheque, it is not necessary to stamp the rest of the cheque, just stamp the financial seal and name seal on the front. The money can be deposited into the account only when the back of the transfer cheque is stamped. When a cheque is transferred from one company to another, the payee of the transferred cheque shall be the name of the other party. The unit will not stamp on the back of the transfer cheque. After obtaining the transfer cheque, the payee shall stamp the payee's financial seal and legal person seal on the endorsement column on the back of the cheque, fill in the bank statement, and hand over the cheque to the payee's bank for collection.
How to write the accounting entry of payment for goods by transfer cheque
The transfer cheque shall be included in the bank deposit, and the bookkeeping shall comply with the principle that where there is a debit, there is a credit, and the debit and credit must be equal. The buyer's tax shall be recorded as the debit, and when the bank deposit is reduced, it shall be recorded as the credit (asset debit plus credit minus). So the specific entries are as follows:
Debit: raw materials/goods in stock
Tax payable - VAT payable (input)
Credit: bank deposit
The transfer cheque is a voucher issued by the company to notify the bank to withdraw money from its account. The transfer cheque can only be used for transfer and cannot be used for cash withdrawal. It is applicable to the settlement of goods transactions, labor supply and other economic transactions between units.
Transfer cheques shall be signed and issued by the payee and then handed over to the payee. It is not allowed to entrust the payee to sign on behalf of the payee. It is not allowed to issue dishonored cheques and long-term cheques. It is not allowed to rent and lend cheques. All units must comply with the relevant regulations of the bank when using transfer cheques.
Extended data:
Precautions for transfer cheque:
1. Buying cheques: After using the transfer cheques, the customer should stamp the reserved bank seal on the transfer cheque requisition, and pay the standard fee to receive the blank transfer cheques.
2. Customers should issue checks within the balance of their deposit account. If the overdraft bank refunds the bill, a fine of 5% but not less than 1000 yuan will be imposed on the face value of the bill.
3. The "drawer's signature" column shall be stamped with the reserved bank seal. If the seal is missing or inconsistent, the bank will refund the ticket and impose a fine of 5% but not less than 1000 yuan on the face value of the ticket.
4. The issuance of bills by customers shall be recorded in accordance with the Payment and Settlement Methods and the Basic Provisions on Filling in Bills and Settlement Vouchers Correctly.
5. The prompt payment period of transfer cheque is 10 days, and the bank will not accept the cheque beyond the payment period; The time limit for the right to transfer a cheque is six months from the date of issue. Within six months from the date of issue, the payee can claim payment from the drawee with relevant supporting documents.
6. The customer shall return the unused blank cheque to the bank when closing the account.
7. The payee, amount and date of the cheque shall not be altered.
8. When a transfer cheque is issued for payment, it is not necessary to make endorsement on the back of the cheque. When a cheque is received for bank deposit, it is necessary to fill in endorsement information on the back.
How to enter a transfer check
1. Accounting entries for cheques:
Debit: financial expense - service charge.
Credit: bank deposit.
2. Accounting entry for receipt of transfer cheque:
Debit: bank deposit.
Credit: other receivables/accounts receivable/other payables/advances from customers.
3. Accounting entry for payment of transfer cheque:
Debit: accounts payable/prepayments/expense related accounts.
Credit: bank deposit.
Extended data
matters needing attention:
(1) The front of the check shall not be altered, otherwise the check will be invalid.
(2) If the drawee finds that the cheque is incomplete, he may make up the cheque, but shall not alter it.
(3) The check is valid for 10 days, and the first and last days count as one day. Holidays shall be postponed.
(4) Cheques are payable to bearer at sight. (If you lose a check, especially a cash check, you may lose the amount of money on the face value, and the bank will not bear the responsibility. Generally, the elements of a cash check are complete. If the check is not claimed fraudulently, you should report the loss at the opening bank; if the elements of a transfer check are complete, you should report the loss at the opening bank; if the elements are incomplete, you should report the loss at the bill exchange center.)
