Dealing with Bounced/Dishonoured Cheques
To process a bounced or dishonoured cheque, do the following:
- Click the Accounts Receivable tab.
- Search for the receipt in Enquiries and double-click to open it.
- Click the Options tab.
- Enter the date the dishonour occurred at If reversing this entry, use the date.
- Click Reverse.
The receipt will be reversed and the receipt reversal entry will be shown.
Make a note of the Bank Account and the Form of Payment.
- Click Close to close the receipt screen.
- Click Close to close the Enquiries screen.
- Click Banking, then Current Banking.
- Choose the appropriate Bank Account and Banking Type.
- Select the receipt reversal by clicking on the check box next to it in the Deposit Now column:
- Change the Deposit Date to the date the dishonour occurred.
- Commit the deposit with F11 or by clicking Commit.
- Click Close to close the deposit screen.
- Click Close to close the banking options.
If the dishonour has incurred a fee from your bank, this is most easily entered using Accounts Payable, Express Purchase/Payment.
If your policy is to on-charge the fee to the customer, create a new invoice for the charge. (NB it is less confusing to the customer if you do not reissue the entire invoice.)