PDC Management In Odoo

PDC Management In Odoo

What is Post Dated Cheque?
A post dated cheque, as the name indicates is a cheque in which a future date is entered. This means that the cheque cannot be cashed until that day. Till the date of cheque, it becomes cheque only on the date written on the cheque. Its popular name is PDC.
PDC management module provides a simple way to handle the Post dated Cheques more effectively in Odoo.

Process flow of PDC
          Step 1: Receive PDC from the customer
          Step 2: Enter the PDC into the  system
          Step 3: Convert the PDC to Payment on due date

Configuration Involved in PDC management
     1. Create Account For PDC management
         Go to Accounting → Adviser →Chart of Accounts

     2. Create Journal for pdc management
         Go to  Accounting →Configuration → Accounting →  Journals

Working Of PDC Management
Step 1: Receive PDC from the customer
Step 2: Enter the PDC into the system
To Create PDC payment ,Go to menu Accounting → Sales → Payments

When you select ‘Payment Method’ as PDC(USD), you can see some fields related to the cheque details like Cheque No, Cheque Date etc.

When you  post PDC payment, the system automatically credits the reconciliation account from the customer record,the system debits the special general account for PDCs.(Normally system debits general account from Customer record). In the above form view, you can see the corresponding journal entries using Journal Items Button.

You can see all the Post Dated Cheques in the PDCs Received menu
           Accounting→PDC Management → PDCs Received

Step 3: Convert the PDC to Payment on due date

     All the PDCs created are in draft state. To submit cheque, Click Submit button

When mature checks have been cashed, you can execute Cleared Button  to credit the PDC account and debit the cash, bank account – depending on your company's accounting procedure

Accounting impact in PDC process

     1. Enter PDC into the system, PDC Receivable A/c will get debited and Customer A/c will get credited 

     2. On due date of PDC Bank A/c will get debited and PDC Receivables A/c will get credited.