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cancelling unpresented cheques (checks)

 
 
MCC
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      12-21-2005, 10:46 PM
I am using QuickBook Pro 7.4R3 and am in Australia.
I have a few old cheques on the system that have never been presented
at the bank. How do I go about cancelling them? I don't want to just
void them as then I would still be showing as having an unpaid balance
with that Supplier and anyway they relate to previous accounting years.
They need to come out of the bank register somehow yet not increase my
Trade Creditors.
Any help gratefully accepted.

Jan

 
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Allan Martin
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      12-21-2005, 11:35 PM

"MCC" <(E-Mail Removed)> wrote in message
news:(E-Mail Removed) oups.com...
>I am using QuickBook Pro 7.4R3 and am in Australia.
> I have a few old cheques on the system that have never been presented
> at the bank. How do I go about cancelling them? I don't want to just
> void them as then I would still be showing as having an unpaid balance
> with that Supplier and anyway they relate to previous accounting years.
> They need to come out of the bank register somehow yet not increase my
> Trade Creditors.
> Any help gratefully accepted.



Make a journal entry that increases cash in an amount equal to the total of
the old outstanding checks. The next time you reconcile the bank account
indicate that the checks cleared along with the adjustment.


>
> Jan
>



 
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!-!
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      12-22-2005, 03:04 AM
The journal entry will be a debit to the bank.
The credit should be to the same accounts that were charged when
entering the bills that you paid with these cheques.

It may get slightly more complicated if there was GST/VAT on these
transactions. Some older Canadian versions do not properly account
for GST in journal entries so you must either make a separate Sales
Tax Adjustment transaction or adjust your GST/VAT return manually.
Newer versions, however, do not have this problem. I don't know about
Australian versions.


"Allan Martin" <(E-Mail Removed)> wrote in message
news:RZlqf.483$(E-Mail Removed)...
> Make a journal entry that increases cash in an amount equal to the

total of
> the old outstanding checks. The next time you reconcile the bank

account
> indicate that the checks cleared along with the adjustment.
> >

> "MCC" <(E-Mail Removed)> wrote in message
> news:(E-Mail Removed) oups.com...
> >I am using QuickBook Pro 7.4R3 and am in Australia.
> > I have a few old cheques on the system that have never been

presented
> > at the bank. How do I go about cancelling them? I don't want to

just
> > void them as then I would still be showing as having an unpaid

balance
> > with that Supplier and anyway they relate to previous accounting

years.
> > They need to come out of the bank register somehow yet not

increase my
> > Trade Creditors.
> > Any help gratefully accepted.
> > Jan




 
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Allan Martin
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      12-22-2005, 02:28 PM

"!-!" <(E-Mail Removed)> wrote in message
news:yIoqf.2128$(E-Mail Removed).. .
> The journal entry will be a debit to the bank.
> The credit should be to the same accounts that were charged when
> entering the bills that you paid with these cheques.


The credits should be at the discretion of the user. There is no hard and
fast rule that it must mirror the original transitions.




>
> It may get slightly more complicated if there was GST/VAT on these
> transactions. Some older Canadian versions do not properly account
> for GST in journal entries so you must either make a separate Sales
> Tax Adjustment transaction or adjust your GST/VAT return manually.
> Newer versions, however, do not have this problem. I don't know about
> Australian versions.
>
>
> "Allan Martin" <(E-Mail Removed)> wrote in message
> news:RZlqf.483$(E-Mail Removed)...
>> Make a journal entry that increases cash in an amount equal to the

> total of
>> the old outstanding checks. The next time you reconcile the bank

> account
>> indicate that the checks cleared along with the adjustment.
>> >

>> "MCC" <(E-Mail Removed)> wrote in message
>> news:(E-Mail Removed) oups.com...
>> >I am using QuickBook Pro 7.4R3 and am in Australia.
>> > I have a few old cheques on the system that have never been

> presented
>> > at the bank. How do I go about cancelling them? I don't want to

> just
>> > void them as then I would still be showing as having an unpaid

> balance
>> > with that Supplier and anyway they relate to previous accounting

> years.
>> > They need to come out of the bank register somehow yet not

> increase my
>> > Trade Creditors.
>> > Any help gratefully accepted.
>> > Jan

>
>
>



 
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