what does voiding a cheque do to GST

Sally Cowan_8334337
Sally Cowan_8334337 Member Posts: 5
edited July 2020 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

  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    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: 238 ✭✭
    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
    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: 331 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: 331 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