The
trust bank cheque (
transaction number prefix
TC) encapsulates the
transactions that represent the process of ordering a bank cheque on the trust account:
The bank cheque
activity also assists by producing a bank cheque request
form that can be sent to the bank; this form specifies the date and time upon which the cheque will be collected, as well as the
member who will collect it.
After the first use of the activity, the
disbursement type, bank branch, collector and bank fee amount will be automatically populated for all future bank cheque requests. It will always default to the last values that were used.
Withdrawal methods
Depending on the bank's process for ordering a bank cheque, funds may be withdrawn from the trust account electronically or by cheque. ContactsLaw allows you to select the withdrawal method and, if a cheque is required, suggests the next available cheque number.
Similarly, if a cash disbursement type is selected, you can nominate the payment method as either cheque or EFT.
Cancelling cheques
Like other trust payments, bank cheques support cancellation. Cancelling a bank cheque excludes it from reconciliations and posts a separate opposing transaction to undo the effect on the trust ledger. Any related disbursement must be separately cancelled or deleted.
See also