Reverse a Cheque

kellydaniels

I have a bill from a miscellaneous supplier that isn't set up in Supplier Centre, in a previous closed month it was entered under write cheques in Reckon Accounts. The goods have been returned and money credited to our bank account. I cant delete the cheque as it is in a previous month which is closed and financials reported to the board, I cant do a negative value cheque as it wont allow me and I cant do record deposit as it doesn't record the GST. How can I reverse the cheque?

Kris_Williams

I would enter a journal entry, debiting the bank and crediting the expense account using the same tax code on the original cheque against the expense line. This way when you go into the reconciliation the deposit will be there

Acctd4

Create a Bill Credit using the exact same info (eg Supplier, Account & Tax Code) as the original Cheque - The purpose of this is to reverse the expense & the associated GST component.

Then, enter a Make Deposit - dated as per the refund received - with the same Supplier, posting to your Accounts Payable account - This will then show in Pay Bills for you to allocate the Bill Credit against.

NOTE: Due to a long-term glitch, the Payee name drops out on stand-alone Deposits (meaning this Deposit won't show in the Supplier's transactions) To fix this, locate the transaction in the bank register, add back the Supplier name again there & save (Record) 😊

As an FYI … I'm not a fan of using journals for day-to-day entries as they don't provide enough clarity as to what's occurred, are not understood by everyone & can also report incorrectly in the Tax Detail reports. Journals are best used for EOFY depreciation & income distribution. The majority of scenarios can be better catered for via relevant transactions.

kellydaniels

Hi Acctd4 as mentioned the original bill wasn't entered to a supplier so this isn't possible. It was entered as a miscellaneous Cheque and you cant do a credit for a cheque as far as I am aware.

Acctd4

@kellydaniels It still works the same way as the Bill Credit still reverses the initial Chq transaction (due to using the same account, tax code & amount) 😁

Just use the same generic Supplier name as was on that original Cheque (eg “Miscellaneous”) 😊