We track cheque and note due dates in a separate spreadsheet, and nobody knows the endorsement chain.
How do you keep track of cheque and promissory note due dates?
Tracking cheques and notes means keeping each one in a single portfolio with its due date, drawer and endorsement chain, following its status (in portfolio, at the bank for collection, endorsed, collected) and seeing due dates together with the cash plan. iyibir Finance scans received cheques with a phone, checks for duplicates, posts the entry to Logo with your approval and suggests endorsing or collecting based on cash.
Why it happens
- A received cheque is recorded first on paper, then in a spreadsheet, finally in Logo; errors creep in between.
- Which cheque was endorsed to whom is not visible in one place.
- The due-date calendar sits apart from the cash plan, so a squeeze is noticed late.
- The risk of cheques piling up from the same drawer goes uncounted.
How it is generally solved
Record the paper when it arrives
Record a cheque on the day it is received with amount, due date, drawer and bank; check whether it is a duplicate.
Follow status on one board
Keep items in portfolio, at the bank, endorsed, collected and problem items on the same board.
See due dates with cash
Follow the due dates of received and issued cheques inside the cash flow forecast.
Measure concentration
Track how much of the portfolio comes from a single drawer and which items bounced in the past.
With iyibir Finance
- A received cheque is scanned with a phone: the QR code is read, amount, due date and drawer are filled in, duplicates are checked, and the entry slip is posted to Logo with your approval.
- Cheques and notes appear as they really look; turn a cheque over and the endorsement chain appears.
- The status board and due-date calendar show received and issued items together.
- The portfolio agent looks at cash and says "endorse" or "send for collection"; it shows drawer concentration and bounce history in Logo.
Frequently asked
Does the agent endorse a cheque for me?
No. The portfolio agent never endorses without telling you; endorsement and collection slips are posted with your approval.
Do I key in the cheque details?
No. The cheque is scanned with the phone camera, the QR code is read and the details are filled in; you check and approve.
Are promissory notes tracked too?
Yes. Notes sit in the same portfolio, due-date calendar and status board as cheques.
Other problems
How do you post bank transactions to Logo without keying them in?
Agents read the transactions overnight, match them to accounts and prepare the voucher batch; in the morning you only approve.
How to fix itWhy does the bank balance in Logo not match the bank, and how do you reconcile it?
Logo and the bank are compared both ways; a balance bridge shows the gap item by item.
How to fix itWill cash last next week? How do you build a cash flow forecast?
A 13-week cash forecast is rebuilt every night from Logo due dates; when a gap appears, options are ranked by cost.
How to fix it