When a cheque number is noted on an invoice or receipt, it usually indicates payment. This simple step improves the functionality and efficiency of your bookkeeping system.
Designate space for Canadian cheque numbers on your payable and receivable forms, and enter the data on the proper document when the payment is remitted or processed. With the cheque number noted, it’s easier for both parties to recognize completed transactions, and it provides an additional search value should any questions arise about a specific payment.
It is also good practice to include the vendor’s invoice number on your cheque each time you submit a payment, and encourage your customers to do the same with their payments.