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Cheques and promissory notes are two different types of deferred payment instruments. The difference is determined by law. The check is issued by the banks and recorded with special numbers and given to the bank customer under a bank account. The promissory note is drawn up directly between two individuals or institutions. A natural or legal person gives a promissory note to another by writing the payment term and amount.

You can store the checks and promissory notes you receive from customers in a safe, give them to the bank for collection, use them as collateral for your loans, and give them to your suppliers by endorsing them in order to pay your debts. Checks and promissory notes have maturity dates on them. Checks and promissory notes that are not paid by the due date are tracked as dishonored. It is returned to the debtor, replaced, and even enforcement proceedings are initiated.

Businesses make payments by writing their own checks and bills or by endorsing the checks and bills they receive for collection.

Checks and bills are received and given by preparing payrolls. Check and promissory note payroll transactions are carried out separately. There are multiple promissory notes or checks in a payroll. Checks and bills are listed separately and appear in the payment/collection columns in the cash flow statement according to their maturity.

The following definitions will be useful to better understand Check and Bill Transactions.

Payroll: The document issued when processing checks and bills.

Check Slips:

Check Issue Slip-Endorsement	Used to make payments with checks endorsed or drawn.
Check Issued Payroll-Bank	Used to send the checks in the portfolio to the bank for collection.
Check Issuance Slip-Bank Guarantee	Gives the checks in the portfolio to the bank as collateral.
Check Issuance Slip Payroll-Collection	Used to collect the checks in the portfolio directly from the bank or hand.
Check Entry Slip	Puts the checks received for collection purposes into the portfolio/cashbox.
Check Return Exit Payroll	Returns the check in the portfolio safe to the person from whom it was collected.
Check Return Entry Payroll	Returns the check paid for collection purposes to the cash register.
Check Return. Entry Payroll-Bank	Returns the check sent for collection or guarantee at the bank to the cash register.

Note Payrolls:

Note Issue Payroll-Endorment	Used to make payments with bills endorsed or drawn.
Note Issue Payroll-Bank	To send the bills in the portfolio to the bank for collection. used.
Note Issuance Slip-Bank Guarantee	Gives the bills in the portfolio as collateral to the bank.
Note Issuance Payroll-Collection	It is used to collect the bills in the portfolio directly from the bank or in person.
Note Entry Payroll	Notes received for collection purposes are transferred to the portfolio/cashbox.
Note Return Issue Payroll	Returns the bills in the portfolio safe to the person from whom they were collected.
Note Return Entry Payroll	Returns the bills paid for collection purposes to the cash register.
Note Return Entry Payroll-Bank	Returns the bills sent for collection or guarantee at the bank to the cash register. takes.

Check and Promissory Note Statuses: These are the status labels showing the stage and where the checks and promissory notes are.

In Portfolio: Indicates that the check or promissory note is in the safe.
In the Bank: It indicates that the check or promissory note is at the bank for collection.
On Collateral: Indicates that the check or bill is secured in the bank.
Collected: Indicates that the check or bill has been collected.
Endorsed: It shows that the check or bill has been given to the payee account.
Unpaid: Indicates that the check and bill of exchange that we draw have not been paid.
Paid: Shows that the check and bill of exchange for which we are the drawer have been paid.
Cancellation: Shows that the check and bill of exchange for which we are the drawer have been cancelled.
Return: Shows that the check and bill of exchange have been returned.
Bonounced–In the Portfolio: It shows that the unpaid checks and bills are kept in the safe.
Protested: It shows that the unpaid bills are protested to the drawer and endorsers.
Enforcement: Enforcement has been initiated for the unpaid checks and bills.

Hint
Cheques and bills are tracked according to their status, in the cash flow statement and debit and receivable statements, apart from their own lists. Checks and bills can be grouped by projects by selecting projects.

Attention
Checks and bills are recorded in accounting accounts according to their payroll transaction types and status. Accounting definitions for checks and bills are defined in cash and bank accounts.

Before Use
Before performing check and bill transactions in W3, you must make the following definitions.

Transaction Types and Authorizations
Bank Account Definitions (Cheque and Promissory Note accounting codes)
Cash Definitions (Cheque and Promissory Note accounting codes)

Module Functions

Check Transactions
Check List
Check Issue Slip-Endorsement
Check Issue Slip-Bank
Check Issue Slip-Bank Guarantee
Check Issue Slip-Collection
Check Entry Payroll
Check Return Issue Slip
Check Return Entry Slip
Check Return Entry Slip-Bank
Check Transfer
Note Transactions
Note List
Note Issue Payroll
Note Issue Payroll-Bank
Note Issue Payroll-Bank Guarantee
Note Issue Payroll-Collection
Note Entry Payroll
Note Return Issue Payroll
Note Return Entry Payroll
Note Return Entry Payroll-Bank
Note Collection
Note Transfer

Related Functions in Other Modules

Current/Current Transactions
Current / Current Account Statement
Cash / Cash Transactions (For those collected and paid to the cash register)
Debit Receivable Management / Debt Receivable Breakdown
Debit Receivable Management / Closing and Aging
Bank / Bank Transactions (For those collected and paid to the bank account for)
Cash Management / Cash Flow Statement
Accounting / Accounting Transactions
BI / Standard Reports / Collection / Payment Report

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