The monastery, dedicated to St Nicholas the Wonderworker, lies at the end of the village of Psača, 3 km from the Kumanovo – Kriva Palanka Road, in Rankovce Municipality.

The monastery church, the only remaining part of the original monastic complex, was erected around 1354 by Sevastokrator Vlatko and his father Grand Duke Paskač, nobles of the Serbian Empire.

The original dedication of the church was inscribed in stone above the entrance but was destroyed during the Bulgarian occupation of Macedonia in World War I since it mentioned Emperor Uroš and King Vukašin as Serbian rulers.

Facing this composition the artists painted young Emperor Uroš and, on his left, his co-ruler and designated heir, King Vukašin of the Mrnjavčević family.

[4] There is a cycle on St Nicholas and a composition Death of Mother of God, while in the apse is the customary Communion of the Apostles with Church Fathers underneath it.