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Limor's avatar
Limor
Contributing User
17 days ago

Returned cheque in bank feed

I did a bank deposit covering one cheque $121 and cash in the Undeposited Funds account.   This was reconciled in the bank feed.

Bank has advised the cheque has been "returned" and there is now a withdrawal amount of $121 in the Bank Feed.

How do I reconcile this from the Bank Feed so that invoice goes back to Open.  Thank you

  • Genreve_S's avatar
    Genreve_S
    14 days ago

    Hi Limor,

     

    Creating a new invoice can be an option as the payment and return cancel out each other. However, it's important to note that this might not always be the best practice. You may need to ask an accountant for advice on that. 

     

    Regards,
    Genreve

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    17 days ago

    Hi Limor,

     

    If the cheque has been returned, the best way to account for this is to reverse the transaction. This will ensure that the transaction and the return are accounted for in the file. If you need help reversing transactions, read through this link.

     

    Let us know if you need any other help.

     

    Thanks,
    Genreve

  • Limor's avatar
    Limor
    Contributing User
    15 days ago

    Thanks for that. I have read through the link and tried but ended up with the Sales Invoice being closed off (as with a bad debt).

    I am sure the customer will pay the invoice. I could, I suppose create a new sale but that doesn't seem quite right.

    • Genreve_S's avatar
      Genreve_S
      MYOB Moderator
      14 days ago

      Hi Limor,

       

      Creating a new invoice can be an option as the payment and return cancel out each other. However, it's important to note that this might not always be the best practice. You may need to ask an accountant for advice on that. 

       

      Regards,
      Genreve

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