what does voiding a cheque do to GST

Sally CowanSally Cowan Member Posts: 5
edited July 15 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

  • ZappyZappy Accredited Partner Posts: 4,425 ✭✭✭
    edited July 15
    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 GraetzJohn Graetz Member Posts: 1,653 ✭✭✭
    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 AllenJacqui Allen Member Posts: 243
    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 BeasleyDonette 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 BoastGraham Boast Accredited Partner Posts: 406 ✭✭
    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)

    image

    Graham Boast 0409317366
    Reckon Accredited Consultant
    [email protected]
  • Graham BoastGraham Boast Accredited Partner Posts: 406 ✭✭
    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
    [email protected]
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