Right, they open the mail and give the check to the accountant, who deposited it.
And we still want to know why.
And we still want to know why.
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.
The accountants just go "huh, this one doesn't match up with anything" later on.
That’s not how any of this works lol
How does it work?
In Canada, one of the main players in the space is INTRIA
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/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.
They certainly have all kind of strange things they must send to all kinds of people.