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What is Cleared Cheque

A cleared cheque means that cheque which have been paid by bank and added in the receiver's bank account. If cheque is bearer, then cleared cheque's money is received on the counter.

In other words, a cleared cheque is cheque whose amount is deposited in payee account. There are one of main step of becoming cleared cheque from uncleared cheque. First of payee will deposit cheque for collection. His bank will verify whether appropriate fund is available in payer's bank account. If yes, fund is transferred from payer's account to payee's bank account. It may take 3 days in local collection but in outside collection, it may take 10 to 15 days.

There is no need to do any bank reconciliation of cleared cheque because both payer's record and his bank record will show it as payment. But in case, if payer has deemed it as cleared cheque but still cheque is uncleared, at that time, payer has to adjust his record according to updated bank statement.

For Example

Suppose, I have to take $ 1,00,000 from ABC company. ABC company has issued a cheque of $ 100,000 from his Bank of America. But my bank account is in Citi Bank. Now, I will deposit same cheque in my Citi bank. City bank will verify whether same money of ABC Company in bank of America. After satisfying, with the help of Bank of America, money will be transferred from ABC Company's bank Account to my City Bank Account. After this, my received cheque will become cleared cheque.

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Accounting Education: What is Cleared Cheque
What is Cleared Cheque
Accounting Education
https://www.svtuition.org/2012/02/what-is-cleared-cheque.html
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