Invoice payment with post dated checks

Why would you simply not receive it normally, but use the date of the cheque? EG. receive it in your system today, but date the receipt for the date of the cheque?

This is really more of an accounting question than a QB question, so I'll take a stab at it. I see three options:

(1) record it in the customary manner, same as if the check was not post dated.

(2) don't record it at all, until the date of the check arrives and it is no longer post dated. The theory here is that your customer has really not paid you anything, you have merely received a promise of payment. You would not 'record' a promise until the actual payment arrived.

(3) Record it as if you have received a promissory note in payment. In such a case, you would record the debit to Notes Receivable instead of cash, and when you receive the cash (or in this case, when you deposit the check) you would credit Notes Receivable

Of the three possibilities, I would be inclined to use #2. The most realistic analysis is that your customer has paid you nothing until the post dated period ends.

Thank you for your response(s). My apology for asking an "accounting" question and not QB question. Well, I am using QB2004 Premier and I am trying to create accounts in QB to "take care" of this post dated checks which I recieve a lot and has to be recorded somewhere and use QB to follow on it up. For example I go to my "post dated checks" and see if any is due then deliver these checks to the bank for collection.

As for the practice of paying by post dated checks. The acceptable proceedure is "" So, for keeping a record of these checks ( Inside QB ) I will opt for this one (Option #3).

Having established that "accounting" solution...I still need your help in the mechanics.... Bare with me..Please I will create an account called Promissory Notes. When I record the check as payement WITH POST DATED date, it must offset Account Recievables. So, when I print customer Statement it must show as payement. The check must also be posted to Promisory Notes.!!!!! Then when payement actually arrives . The PNote account will be offset by bank deposit. Is that OK?

I do apprecaite this "hand holding" question but as you must know by now, I am not an accountant..

Before I would do anything, I would probably consult with my accountant or attorney and determine what the status of a post dated check is in my state. Many state laws consider post dated checks of the same status as nornal checks.

I personaly would record the payment with a receipt date of the date I had physical possession of the check and post it the same as all my other checks to undeposited funds. I would however create a new payment type called "Post Dated Checks" and flag each of these checks with this type when I record the receipt.

I would respect my customers' wishes and not cash the check until the date on the check.

I would not create a mish mosh of my books by setting up bogus Promisory Note accounts.

Dear Allan,

Thank you for pursuing this matter ...

is a perfect solution, As for the misnomer (pnote); of course you were right; I should never use an account for the wrong purpose. My Concern is the owner interpretation of his customer payments situation. You see, if I include this "delayed payment" in the un deposted funds I need to clarify to him that part of the funds will not be available as others. So, How about creating two sub accounts under the main account Un deposited funds, one says Un deposited Funds and the other says Delayed un deposited funds. So the boss will be able to judge payment situation in a better light. Will QB handle this unorthodox solution?

When you open up the make deposits window, checks maked "Posted Dated" will clearly be in view for him to see. So, How about creating two sub accounts under

I do not recommend this approch. It gets very messy and difficult to work with. Try it out in one of the sample companys to see for yourself.

If need be enter the list of post dated checks in a to do list.