Cheque Clearance Days Q&A
Q. I have recently receipted a cheque into the sales trust on the 21st May 2018. I have performed the banking process and confirmed the banking on the same day yet the funds are not available to make a payment?
A: The receipt for the cheque has 'Clear In Days' set at 3. The funds will be made available for payment once the 3 days have passed.
*Note: Clearance day count begins from the day AFTER the cheque was banked.
*Tip: check the clearance days that have been entered on your receipt. The receipt will display the default clearance day entered in Sales Trust Settings, however users can edit the days when creating their receipt.
Q: I have recently receipted a cheque into the sales trust however the funds available is showing as $0.00?
A: Cash or cheque receipts are required to be marked as banked after they have been receipted into Agentbox. All receipts that are yet to be marked as banked will not contribute to available balance calculations or be able to be marked presented in the reconciliation.
*Tip: Ensure that all cash or cheque receipts are marked as banked and the banking has been confirmed.
Q: Are weekends included in cheque clearance days?
A: No. Only business days are included in cheque clearance day calculations.
For example, if you receipt a cheque and confirm the banking on a Monday. If your cheque clearance day is set at 3 days, the funds will be available on Thursday.
Q: I have accidently entered the incorrect cheque clearance days, can I edit the receipt?
A: No, this task will need to be completed by our development team. Please submit a client change request with the following information:
- Approval from the trust licensee to edit the clearance days
- The transaction audit number
- The new clearance day value
*Tip: always check the cheque clearance day entered prior to submitting the receipt