Do you know there are copious cheques, including order, replacement, stale, open, etc.? Considering the current financial difficulties, we will discuss the postdated cheques. Postdated cheques are issued to make and receive future payments. Consequently, the cheque can only be cashed on the day mentioned.
Postdated checks or cheques are a fantastic way to enjoy things and services before paying for them. They may also serve as collateral for short-term loans. It is also a rapid option to continue corporate operations despite a lack of finances. However, postdated cheque(PDC) management solutions are unquestionably more challenging than other payment methods for receiving or transferring payments to bank accounts. As a trusted third party, Samadhan provides businesses with the assistance they need to register and administer their PDCs with the best dynamic 365 PDCs management solutions.
Dynamics 365 Finance offers the postdated check management cycle in accounts receivable and Accounts payable. ERP systems are used by businesses to automate business activities. The selection of the best ERP for a company is critical. Still, our Dynamics 365 for Finance and Operations (F&O) enables businesses to respond to shifting market needs while driving business growth efficiently. Samadhan ensures you can improve your financial performance, conduct better operations, automate and optimize your supply chain, and so on.
Why PDCs Introduced??
There are three instances where firms used PDCs:
- If you need more cash in your account right now but are sure that you will have enough funds at a future date specified on the postdated cheque.
- If you want to reassure the service provider or supplier of goods, you will pay them after the service or items are provided. In such circumstances, the ultimate payment may be negotiated depending on the quality of the service or product.
- Financial organizations use postdated cheques to ensure that debtors do not fail on loan repayment.
Postdated cheques can be tricky when you step into the world of 1s and 0s. So, let’s start with small steps and see how you can set up postdated checks in Dynamics 365 Finance. The introduction of postdated checks with Dynamics 365 can bring the following benefits to your business:
Tracking: By publishing journals and items, payments for postdated checks can be easily tracked.
User-Friendly: The PDC form provides a user-friendly interface for managing attachments, journal items, and journal entries. It requires no sophisticated settings for installation or operation.
Easy Management: You can easily manage the many phases of postdated check payment, including deposits, etc. The PDC management system supports the printing of PDF reports for PDC payments.
Save Time & Money: Utilizing PDC payment can save both time and labor.
PDC functions as an installment payment system in which the payer is not required to pay the entire amount at once or at the set period. It assists the payer in covering his situation due to a lack of finances by purchasing some time before making future payments. It aids in the smooth operation of business even if the owner lacks the means to pay suppliers. It guarantees both parties that the transaction will take place at some point in the future.
In conclusion, we will see that PDCs are a whip hand for organizations to run their operations even in challenging situations. However, controlling it appears to be complex, but with Dynamics 365 PDC management, you will have all problems covered. Also, to make these journey smooth Samadhan specialists will assist you in understanding and learning more about it.