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DEADLINE FOR FINAL CHEQUE ORDERS REVEALED

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MBABANE – As cheques are being phased out at the end of this year, about two weeks are left before final orders can be made.

Like most of its regional counterparts, Eswatini is phasing out the use of cheques for payments. They will used for the last time on December 31 this year (107 days’ time). As part of the process to eliminate the cheques, September 30 this year is the final date to order cheques. This is per a message that is circulated by one of the banks. Meanwhile, cheques had become popular with businesses for several reasons. One advantage of using cheques involves the paper trail left by the cheque. Each cheque creates a paper document that details who received the payment, what day the payment was made and the amount of the payment.

Paper cheques provide the business with the ability to control the payments made. Several control measures exist in the accounts payable department to ensure that cheques are written to the proper recipient for the correct amount. One employee might authorise a cheque to be written after reviewing the backup documentation. Another employee actually prints the cheques. A senior manager signs the cheque. This provides three employees to participate in the cheque payment process, minimising the potential for errors or fraud.

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