What is PDC payable?

What is PDC payable?

< Back. A post-dated check (PDC) is, as the term implies, a check you issue in advance to your payee, but the date indicated is some date in the future. PDC’s are a convenient way of paying for your dues in advance without actually releasing the amount until the date indicated on the checks.

What is PDC in HDFC bank?

PDC stands for Post dated cheque. PDCs are collected for the payment of EMIs.

How do I manage PDC cheques?

A post-dated cheque is one that the recipient can encash on a future date. Such cheques are not payable until the date mentioned on the face of the cheque. In the accounting books of both the issuer and the recipient, the transaction will not be recorded until the date provided on the cheque.

Is post-dated cheque safe?

PDCs are the most favoured system by lenders across the country, as it is considered “fail-safe”, in case the borrower defaults. In case of default in repayment through PDC, the borrower can be tried under Section 138/142 of the Negotiable Instruments Act, 1881.

How do you account for PDC?

Creating a Post-dated Voucher

  1. Go to Gateway of Tally > Accounting Vouchers > Payment.
  2. In the Voucher Creation screen, click T : Post-Dated .
  3. Click F2: Date and provide the date of the cheque.
  4. Select a bank account in the Account field.

How do I get a PDC account?

Requirements for opening an account

  1. Valid ID with photo and signature.
  2. Initial Deposit (minimum ₱5,000 to ₱20,000)
  3. Utility Bill reflecting the address.

What is external PDC?

External PDC: PDCs from other banks deposited in the customer’s account. Bank-issued PDC: PDCs issued against the bank’s Nostro accounts.

What is PDC receipt?

A post-dated cheque (PDC) is one that the recipient can encash on a future date. Such cheques are not payable until the date mentioned on the face of the cheque. In the accounting books of both the issuer and the recipient, the transaction will not be recorded until the date provided on the cheque.

What is post-dated cheque with example?

Assume that today is 27th Jan and you are writing a cheque. Generally, if you write a cheque, you will write the current date of the cheque i.e., 27th Jan. But when you write a date which is later than the current date, say you write a date of a cheque as 3rd Feb, this is when it becomes post-dated cheque.

Is post dated check considered cash?

A postdated check—a check with a date that is later than the current date—is not considered to be currency. Further, the postdated check should not be reported as part of the Cash account balance until the date of the check.