what does voiding a cheque do to GST

Sally Cowan_8334337
Sally Cowan_8334337 Member Posts: 4 Novice Member Novice Member
edited October 2024 in Accounts Hosted
have entered a cheque twice.  Is unpresented but in Dec 16 GST quarter.  How do I get rid of it without stuffing up my BAS's.  Do I void or reverse? And in which period

Comments

  • Zappy
    Zappy Accredited Partner Posts: 5,257 Accredited Partner Accredited Partner
    edited July 2020
    Reckon doesnt let you reverse transactions. You need to enter a bill credit for the expense and add a second line on the transaction to the bank account.
  • John Graetz
    John Graetz Member Posts: 1,447 Reckon Hall of Famer Reckon Hall of Famer
    edited August 2017
    Sally.  You will need to do this in the current BAS period or else it will throw out in a previously lodged period.
    John L G
  • Jacqui Allen
    Jacqui Allen Member Posts: 223 Reckoner Reckoner
    edited August 2017
    Sally, you could void the cheque then process a journal dated 16/12/16 DR expense CR Suspense or a clearing account and reverse ensure you override the date for reversal
  • Donette Beasley
    Donette Beasley Member Posts: 1 Novice Member Novice Member
    edited May 2018
    Not sure what you mean by adding a 2nd line on the transaction to the bank account?  Also how does the bill credit clear once it is raised??
  • Graham Boast
    Graham Boast Accredited Partner Posts: 312 Accredited Partner Accredited Partner
    edited May 2018
    Hi Donette

    I would use a journal entry in these cases: a bill credit is fine, but will only work for a supplier.  Date in the current period, and in the next bank reconciliation you will need to tick both the unpresented cheque and the journal entry (they should sum to zero)

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    Graham Boast 0409317366
    Reckon Accredited Consultant
    graham@reckonhelp.com.au

    Graham Boast | 0409 317366 | graham@reckonhelp.com.au

  • Graham Boast
    Graham Boast Accredited Partner Posts: 312 Accredited Partner Accredited Partner
    edited May 2018
    I have just published some more comprehensive notes on this on my website.

    http://reckonhelp.com.au/articles/reckon-accounts-business/reversing-unpresented-cheques-or-bank-transactions-in-reckon-accounts-business/ 


    Graham Boast 0409317366
    Reckon Accredited Consultant
    graham@reckonhelp.com.au

    Graham Boast | 0409 317366 | graham@reckonhelp.com.au

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