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Record a purchase, payment or bill using a cashier's cheque

A cashier's cheque, bank cheque, official cheque, teller's cheque, bank draft or treasurer's cheque is a cheque that is purchased from a financial institution guaranteed by the bank. They are usually treated as cash since most banks clear them instantly for the funds are drawn out of the financial institution's account.

To record a payment or purchase made with a cashier's cheque you will want to use the Expense feature.

  1. Select + New.
  2. Select Expense.
  3. Choose the appropriate Payee.
  4. Select the Account the purchase of the cashier's cheque was made from.
  5. Fill in the following fields:
    • Ref number: Cashier's cheque number. Ex: Cashier Ck #00000001
    • Date: The date the cashier's cheque was given to the payee.
    • Amount: The amount of the cashier's cheque.
    • Memo: Enter the name of the Bank the cashier's cheque was purchased from and any other important information.
  6. Under Account Details, select the expense account associated with the reason the cashier's cheque was purchased.
  7. Select Save and New or Save and Close

To record a Bill Payment using a cashier's cheque you purchased with funds drawn from your bank account.

Note: To record this cheque as a bill payment, the bill needs to be entered into the system prior to entering the bill payment. See Enter and pay bills for more information.

  1. Select + New.
  2. Select Cheque.
  3. Choose the appropriate Payee.
  4. Choose the Payment account the purchase of the cashier's cheque was made from.
  5. Fill in the following fields:
    • Cheque number: Cashier's cheque number. Ex: Cashier Ck# 000000001
      Note: Change the cheque number when entering in a new cheque manually, so it will not take on the sequence of the cashier's cheque number.
    • Date: Date cashier's cheque was given to payee for payment.
    • Amount: Enter amount paid to payee via the cashier's cheque.
    • Memo: Enter name of Bank cashier's cheque was purchased from and any other important information.
  6. Under Outstanding Transactions, check the bills that you want the cashier's cheque to apply to.
  7.  Select Save and close or Save and new to write a new cheque.

 

To record the bank fee for purchasing a cashier's cheque:

  1. Select + New.
  2. Select Expense.
  3. Leave the Payee blank, or you can enter the Bank name.
  4. Choose the Account affected by the fee.
  1. Fill in the following fields
    • Ref number: Cashier's cheque fee.
    • Date: Date the bank charged the fee.
    • Memo: Reference for purchase of cashier's cheque and the cheque number, if desired.
    • Amount: Fee Amount
    • Account: Set this to the account that is normally used to track bank fee's (if you're not sure you'll probably want to consult your accountant).
  2. Select Save.

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