Hi Sunil,
PDC cheque functionality is not supported in SAP. You can use noted item functionality to post PDC cheques in system. Noted item does not have any accounting impact but is a single line entry. This can also be seen in FBL*N reports..you just need to select the noted item tick on the selection screen in order to see the noted items in the reports.
In addition to this.. You can also clear the noted items when you are clearing your customer line items. So you get up to date information on PDC's in the system.
Hope this helps..
Regards,
Kavita