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Right, they open the mail and give the check to the accountant, who deposited it. And we still want to know why.

arnon 3y ago
Cashflow and Revenue are two separate concepts. You can cash a check today for revenue you accounted for 90 days ago. You need to reconcile it but it doesn't have to happen at the same time. It's very normal to reconcile months later.
ceejayoz 3y ago
The minimum wage employee who stamps the check and deposits it at the bank with the hundred others in the pile isn't an accountant either. The accountants just go "huh, this one doesn't match up with anything" later on.
- velcrovan 3y ago
  > The minimum wage employee who stamps the check and deposits it at the bank with the hundred others in the pile isn't an accountant either. That’s not how any of this works lol
  - staunton 3y ago
    > That’s not how any of this works lol How does it work?
  - throwaway201606 3y ago
    It is exactly how all of this works In Canada, one of the main players in the space is INTRIA https://www.cibc.com/en/cibc-websites/intria.html https://www.cibc.com/en/cibc-websites/intria.html They have an office full of people processing cheques, cash etc etc. In the old world, all cheques were processed by hand but in the new world, all cheques are processed by a combination of electronic imaging and MICR: people only look at the ones where tech processes fails. Which are a lot of them. This area of finance is called "Corporate Cash Management" - a bit of misnomer because it is not just cash and is primarily electronic these days. It is essentially about the processes that need to be in place to physically and electronically move money around. Here are some examples of what the biggest bank in Canada offers in this space. https://www.rbcroyalbank.com/business/paying-and-receiving/making-payments.html https://www.rbcroyalbank.com/business/paying-and-receiving/m... The do not explicitly mention cheques because that space is really well automated these days but it is mostly done really well by technology and most banks are trying to move away to electronic payments. But if you ask for it, you will get it at specially quoted per customer rates.
    - robocat 3y ago
      Nice article on declining cheque usage in Canada: https://www.bankofcanadamuseum.ca/2023/09/a-checkup-on-cheques/ https://www.bankofcanadamuseum.ca/2023/09/a-checkup-on-chequ...
marcosdumay 3y ago
Probably, they open the mail and send checks directly to the bank. Then the bank sends the deposit information to the accountants. They certainly have all kind of strange things they must send to all kinds of people.

Cashflow and Revenue are two separate concepts. You can cash a check today for revenue you accounted for 90 days ago. You need to reconcile it but it doesn't have to happen at the same time. It's very normal to reconcile months later.

ceejayoz 3y ago

The minimum wage employee who stamps the check and deposits it at the bank with the hundred others in the pile isn't an accountant either. The accountants just go "huh, this one doesn't match up with anything" later on.

velcrovan 3y ago
> The minimum wage employee who stamps the check and deposits it at the bank with the hundred others in the pile isn't an accountant either. That’s not how any of this works lol
- staunton 3y ago
  > That’s not how any of this works lol How does it work?
- throwaway201606 3y ago
  It is exactly how all of this works In Canada, one of the main players in the space is INTRIA https://www.cibc.com/en/cibc-websites/intria.html https://www.cibc.com/en/cibc-websites/intria.html They have an office full of people processing cheques, cash etc etc. In the old world, all cheques were processed by hand but in the new world, all cheques are processed by a combination of electronic imaging and MICR: people only look at the ones where tech processes fails. Which are a lot of them. This area of finance is called "Corporate Cash Management" - a bit of misnomer because it is not just cash and is primarily electronic these days. It is essentially about the processes that need to be in place to physically and electronically move money around. Here are some examples of what the biggest bank in Canada offers in this space. https://www.rbcroyalbank.com/business/paying-and-receiving/making-payments.html https://www.rbcroyalbank.com/business/paying-and-receiving/m... The do not explicitly mention cheques because that space is really well automated these days but it is mostly done really well by technology and most banks are trying to move away to electronic payments. But if you ask for it, you will get it at specially quoted per customer rates.
  - robocat 3y ago
    Nice article on declining cheque usage in Canada: https://www.bankofcanadamuseum.ca/2023/09/a-checkup-on-cheques/ https://www.bankofcanadamuseum.ca/2023/09/a-checkup-on-chequ...

marcosdumay 3y ago

Probably, they open the mail and send checks directly to the bank. Then the bank sends the deposit information to the accountants. They certainly have all kind of strange things they must send to all kinds of people.