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– Selecting the customer account code and detailing the adjustment as cancelled cheque will allow you to amend the account accordingly. – The option to do this can be found under ‘Books’, ‘Journal Adjustments’, ‘Debtor Journals’.
– The customer account can be amended by doing a journal adjustment on the customer (debtor). – Saving this will decrease the amount in your bank account. If no categories are available you can analyse it under ‘sundry’ or a similar category.
– No account code is selected (it is non ledger) and the amount should be analysed under a ‘cancelled cheque’ category – this will need to be set up in your analysis categories. Cancelling a cheque from a customer: Option 1 If allocations is NOT switched on you could do a Negative cash receipt to the supplier in the cheques journal and this will look after both the bank and the suppliers ledger correctly Option 2: The effect of a cheque received is as follows: – The bank has been increased by the amount stated on the cheque – The customer account has been decreased by the amount stated on the cheque In order to amend this: – The bank needs to be decreased by the amount stated on the cheque( this money never left your actual bank account) – The customer account needs to be increased by the amount stated on the cheque (the customer never actually paid this money) To do this: – The decrease to the bank account is shown as a correction in the cheques journal, for the amount stated on the cancelled cheque and detailed as cancelled cheque – the reference selected is ‘COR’. In order to reconcile your bank account for the cancelled cheque – you can ‘tick’ the original cheque against the new lodgement of the cash receipt. – Selecting the supplier account code and detailing the adjustment as cancelled cheque will allow you to amend the account accordingly. – The option to do this can be found under ‘Books’, ‘Journal Adjustments’, Creditor Journals’. – The supplier account can be amended by doing a journal adjustment on the supplier (creditor). – Using the Save/Lodge function will lodge this cash receipt directly to your bank account, thus increasing the amount in the bank account. Cancelling a cheque to a supplier: Option 1 If allocations is NOT switched on you could do a Negative cheque to the supplier in the cheques journal and this will look after both the bank and the suppliers ledger correctly Option 2: If Allocations is switched on The effect of a written cheque is as follows: – The bank has been decreased by the amount stated on the cheque – The supplier account has been decreased by the amount stated on the cheque In order to amend this (when the cheque is cancelled): – The bank needs to be increased by the amount stated on the cheque( this money never left your actual bank account) – The supplier account needs to be increased by the amount stated on the cheque (the supplier never actually received this money) To do this: – The increase to the bank account is shown as a cash receipt in the cash book, for the amount stated on the cancelled cheque and detailed as cancelled cheque.
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