Customer cheque dishonoured - how to reconcile bank account.

JAGFUT
JAGFUT Member Posts: 12 โœญ

I have followed old community advice, reinvoiced customer and passed on the dishonour fee.

How do I now reconcile the amount out of bank account to balance. Clear as mud??

Answers

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,167 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    I'm not sure whether you're referring to the original (dishonoured) Chq or subsequent payment ? If a payment didn't clear, you didn't "receive" it so just delete the entry.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner(AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    [email protected]

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • JAGFUT
    JAGFUT Member Posts: 12 โœญ

    Thanks for your reply - Chart of accounts should reconcile with bank statement.

    Deposit was made - so cheque amount is included in the group deposits that day.

    If I delete it - then that deposit doesn't balance.

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,167 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited February 7

    Ah, so you actually deposited it & THEN it was dishonoured ? (Apologies ... I didn't realise you'd already deposited it - For some reason, I was assuming you'd received the Chq & had been advised by the Customer that it was cancelled or something ๐Ÿ™„๐Ÿคฆโ€โ™€๏ธ )

    OK, in that case, delete the original (dishonoured) Chq payment you received & enter it manually on the next line of your Deposit in the Make Deposit screen - Enter/select the applicable Customer in Receive From & post to any account.

    For the dishonour debit of it from your bank account ... Create a Write Chq to the same Customer, posting to the SAME account as the Deposit so they cancel each other out. (IMPORTANT: Do NOT enter a tax code - This needs to be blank as it is not a taxable supply but simply a movement of funds !)

    If you go to your Customer List, you should now see the debit Chq there, & the Tax Inv will also still be open to receive the actual/cleared payment ๐Ÿ˜Š Unfortunately, you will not see the initial Deposit in the Customer List if entered on a bulk deposit transaction with other lines. If you DO wish to see it there, you will need to enter it as a stand-alone Deposit on its own (eg not deposited with other payments) - NOTE: Due to along-term glitch in the program, the Payee name drops out on stand-alone Deposits so go to your bank register & enter/select the Customer's name again there in order for it to show under the Customer's transactions list.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner(AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    [email protected]

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)