Hi Prem,
I have similar requirements as you from my users, but mine is printing payment advices for partial payment without using check payment method.
We are exploring t-code: S_ALR_87012146 (Just put in company code and payment doc)
or FB12/F.61 to print out payment advice, but we concluded that there needs to be some development work done to print the form as per our current payment advice layout.
Hope it helps
Thanks and Regards,
Chee Chung