When do you credit cash for a payment on a note, when the check is mailed, or when received by bank?

As far as the journal entry goes, when it is made?

When do you credit cash for a payment on a note, when the check is mailed, or when received by bank?

when mailed.

When do you credit cash for a payment on a note, when the check is mailed, or when received by bank?

How on earth would the people receiving the check have any idea that it was in the mail?

The bank will credit you for the payment when they receive the payment, not when you tell them it is in the mail!

When do you credit cash for a payment on a note, when the check is mailed, or when received by bank?

The best way to answer that is by giving an example of how the banks do it. If you deposit a check in your account it takes 3-5 business days to clear. What happens if the check bounces and you already applied the credit to your customers account at the time you received it, rather than waiting for it to clear?? The money ain%26#039;t there until the check clears. Period!