HOW TO ENTER A RETURNED CHEQUE I ISSUED?

Created by Erika Go, Modified on Wed, 13 Nov, 2024 at 12:01 PM by Erika Go

A2000 ONLINE SUPPORT DEPARTMENT

KNOWLEDGE BASE
Description:
We issued a cheque for $200.00 to a supplier but forgot to sign it. This cheque was returned by my bank. How do we reverse this entry in A2000ERP?

1. CHEQUE VIA A GC TRANSACTION

ORIGINAL ENTRY

If this Cheque was issued using a GC transaction, the user would have selected bank on the header and entered an Expense A/c at DEBIT side in the line detail. The double entry looks like this:

DR CR

Bank A/c 200.00

Expense A/c 200.00

REVERSAL ENTRY

To reverse it, simple do a reverse transaction. At the header, select Bank Code and in the detail line, select Expense A/c and enter at CREDIT side. The double entry reverses out:-

DR CR

Bank A/c 200.00

Expense A/c 200.00

The above are 2 entries that would match your bank statement – one record for withdrawal and another for deposit side.

2. CHEQUE VIA A PV TRANSACTION

ORIGINAL ENTRY

If this Cheque was issued using a PV transaction, the user would have selected Supplier on the header and entered a Bank A/c (CREDIT side for withdrawal). The double entry looks like this:

DR CR

Bank A/c 200.00

Creditor A/c 200.00

REVERSAL ENTRY

To reverse it, simple do a reverse transaction. At the header, select the same Supplier and in the detail line, select Bank A/c and enter at DEBIT side. In the NARRRATION field mention that this is a returned Cheque. The double entry looks like:-

DR CR

Bank A/c 200.00

Creditor A/c 200.00

The above are 2 entries that would match your bank statement – one record for withdrawal and another for deposit side.

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