USA Check Date in Quickbooks - Date Received or Date on Check?


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I recently started a new position here and the account has been receiving payments and entering the date on the check for the Check Date. This makes sense since the posting date shows when the check is received. However we have another software program that only shows the paid date. They've been entering this as the date on the check as well. Obviously this is making it difficult to run my commission reports for sales since payments are made based on the month we received the payment, not when the check was written.

If the paid date is updated in our ERP software to reflect the date the payment was received does it make sense to update the check date in Quickbooks to the date the payment was received as well? I feel like it would be easier to reconcile the differences this way, and I can't think of a situation where the date the check was written would be useful.

Thanks for your input.

Strutter
 
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smallbushelp

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Hi Strutter, I'm not sure if you still need help with this issue but I'll add some thoughts for future viewers. The statements above are confusing. But what I think is being said is that the person posting payments in the accounting system is using the date from the customers check as the date the payment was received. This is not correct. Your company needs to record the date that the payment was received in your office and that is the date you enter into both of your accounting systems - ERP and QB. Both systems should reflect the same information, like you said, for purposes of reconciliation.
 
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QuickBooks is not concerned with the date on check or date received. But the date in QuickBooks should be the check that the date was written.
 
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I think the best practice is to use the received date when posting the check.

I do not see the relationship between the check and your commission because in reality, your commission should have been calculated when the invoice was issued.
 
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Hi Strutter, I'm not sure if you still need help with this issue but I'll add some thoughts for future viewers. The statements above are confusing. But what I think is being said is that the person posting payments in the accounting system is using the date from the customers check as the date the payment was received. This is not correct. Your company needs to record the date that the payment was received in your office and that is the date you enter into both of your accounting systems - ERP and QB. Both systems should reflect the same information, like you said, for purposes of reconciliation.
As noted by the astute member above, cash receipts are realized in your books of account on the day they are received by the company, e.g., the date on the receipt given or the postmark on the envelop. The date the customer writes on the check probably only has meaning to the bank with respect to its stale check policy.
 
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QuickBooks tool is not suitable with the date check or date received. But the date in QuickBooks should be the check that the date was written.
 
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