cancelling unpresented cheques (checks)

Discussion in 'Quickbooks' started by MCC, Dec 21, 2005.

  1. MCC

    MCC Guest

    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
     
    MCC, Dec 21, 2005
    #1
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  2. MCC

    Allan Martin Guest

    "MCC" <> wrote in message
    news:...
    >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
    >
     
    Allan Martin, Dec 21, 2005
    #2
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  3. MCC

    !-! Guest

    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" <> wrote in message
    news:RZlqf.483$...
    > 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" <> wrote in message
    > news:...
    > >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
     
    !-!, Dec 22, 2005
    #3
  4. MCC

    Allan Martin Guest

    "!-!" <> wrote in message
    news:yIoqf.2128$...
    > 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" <> wrote in message
    > news:RZlqf.483$...
    >> 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" <> wrote in message
    >> news:...
    >> >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

    >
    >
    >
     
    Allan Martin, Dec 22, 2005
    #4
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