Reckon Toll Free Number - Reversing
Unpresented Cheques or Bank Transactions in Reckon Accounts Business
This is an issue which is faced by
the users of Reckon software. You can come across this issue when you have
un-cleared transactions in your bank reconciliation which are either old
un-presented Cheques or even old un-cleared expenses.
You would face the problem of
un-presented Cheques being there in your bank reconciliation if the Cheque is
un-presented or even when it is a duplicate entry in Reckon. It is also
important to keep in mind that Under the Cheques Act 1986, a Cheque would be
considered stale after a period of 15 months.
Un-cleared expenses, if only a day
or two old would be fine, otherwise it could be the result of a duplicate
transaction or an error that has taken place.
It is also suggested that you do not simply delete or void the transaction. If these transactions is in the previous GST or the previous accounting period, then this could affect the GST returns, management reports or even the tax returns which are already lodged. The best way to get over this situation is by reversing the transaction in the current period. Users also have the freedom to promptly ring up the Reckon Tech Support and know more in detail about the software.
Solution to this problem
The steps that you can undertake to
solve this specific problem is as given below:
Note the Initial Entry
You would have to open the Cheque
which is now stale and the not what account it has been allocated against and
the amount of GST.
Reverse with General Journal
You would then have to prepare a
journal entry via the company and then by the option of ‘Make General Journal
Entry.
Document the change that you have made
It would be ideal for you to go
back to the original Cheque and then add a note on the memo saying ‘Cheque
Stale- Reversed DD/MM/YYYY. Doing so would ensure that a note is made to the
customer/supplier record.
Clear the transaction in the Bank Reconciliation
Now you would have to remove the
transaction from your back record. While you are doing the next bank rec,
ensure that you click on the transaction on both sides and make sure the value
is equal.
Alternative Options Available
Other options that you can consider
while making this transaction is as given below:
·
If the initial transaction is a Bill payment
and you have used your credit card, then you can use a credit card
Refund/Credit instead of the Journal Entry.
·
If the initial entry made was a deposit,
then you can apply the same process. Except the only change would be the
General Journal Entry in Step 2 would be reversed.
·
If you see that the initial entry consists
of inventory items, then the process would be a little more complex as the
initial adjustment to inventory would have been adjusted by a stock take.
·
If the initial entry was a sale which
involved inventory items, then you would have to reverse not only the sale but
also the inventory movement.
If you find that following these given steps is a task, then you should immediately connect with the Reckon Customer Support Number
Which is available throughout the day and is completely
free of charge.
Read More -
Source URL: Reversing
Unpresented Cheques or Bank Transactions in Reckon
The Wall