Five cheques

 Ravi has checked in a hotel where the rent is Rs.500 per day.

 He is supposed to settle bills every evening by cheque.

The hotel neither take any advance, nor allow any default.

That means at the end of any particular day, there cannot be any amount excess or shortfall in the name of its guests.

They also wait for eight days before they en cash any cheque.

Within that time, one is free to replace old cheques by another one, if required.
Ravi is supposed to stay for the entire month of July in the hotel and he has only five cheque flaps remaining in his cheque book.

How does he settle his monthly account on daily basis ?

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