I need to know whether to write back some old cheques which are more than 6 months old.
However I remember seeing something on moneysavingexpert.com, I believe, suggesting this is rule is not universally upheld by banks anymore and sometimes they will honour cheques older than 6 months.
Is this true and if so how we are supposed to a bank reconcilation nowadays?
Replies (3)
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personally
I write stuff off after a year. When you are dealing with teachers they often find stuff in their drawers they have forgotten about....
Not sure what the hard and fast rule is however.
I suggest 6 months write back.
I suggest 6 months write back, simply as a matter of easy book keeping. In practice this streches to 7 or even 8 months because of the usual life stuff, being busy, holidays, off sick etc etc. Do not forget when you write it back you are simply transfering a liabilaty to pay money from the bank account to a suppliers account, not deleting it.