RETURNED / BOUNCED CHEQUE

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nicole7247
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RETURNED / BOUNCED CHEQUE

I deposited a cheque for $500.00 on 25.1.17 as a receive payment (sales).  On 27.1.17 a $500.00 withdrawal was made from my account (which I have chased up as a dishonoured cheque).  HOw do I process this?

 

I have received the payment of 25.1.17 so the sale is closed.

 

Not sure what to do next?   

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Steven_M
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Re: RETURNED / BOUNCED CHEQUE

Hi @nicole7247

 

The best way to deal with a bounced cheque is to reverse out the payment of the transaction, which will create a transaction in the bank account for that and then you can process another payment when required.

Firstly to do this go to Setup>>Preferences>>Security tab>>Tick "Transactions can't be changed they must be reversed". Once that preferences has been enabled select the transaction, in this case the Recieve Payments. When that has been on screen you would go to Edit>>Reverse Transaction, adjust the date if required and record the reversal. 

By doing this it will make the invoice still open i.e. awaiting payment and you will have the necessary transactions in your bank account to match what has occured for reconcilation purposes.

 

Help Article: Receiving payments FAQ: How do I account for a dishonoured (bounced) customer cheque? has more information into that process.


Do let us know how you get on and if you require further assistance

Kind regards,
Steven

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nicole7247
Experienced Cover User
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Experienced Cover User
Australia
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Re: RETURNED / BOUNCED CHEQUE

Thanks Steven.  That worked a treat.  It is so nice to have help so close at hand!!

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