Sage Bounced cheque - The Book-keepers Forum (UK)

tonys · Senior Member

Sage Bounced cheque

BackOfficeGroup · Guru

I know you can use the write off/refund wizard on my version, but not sure if this is the case with all versions.

P

tonys · Senior Member

Think it was old version 2002 from memory.
Tony.

semsley · Guru

If you don't have the wizard then you will have to do dummy entries using either misposting account or suspense account to put the outstanding amount back on the customer account and take the money out of the bank.

tonys · Senior Member

OK, I realise that I would basically need to credit bank for returned cheque and debit the debtors account for the cleared amount.
Sorry, but how exactly do I process this through Suspence account?
I am going to feel foolish when you tell me !!!

Tony.

Rhianrach · Expert

Just throwing this out there as I'm also interested in this.
Could you not just do a journal dr debtors control and credit bank then do a dummy invoice on the system for the amount of the returned cheque? Or would that over state the debtors control?

Ok think I have it now
dr misposting
cr bank
reinvoice for returned cheque nominal 9999 (mispostings)

As far as I can see on paper that covers all bases, could be as ever wrong though. smile

-- Edited by Rhianrach on Friday 11th of June 2010 08:17:22 AM

-- Edited by Rhianrach on Friday 11th of June 2010 08:24:19 AM

-- Edited by Rhianrach on Friday 11th of June 2010 08:25:09 AM

semsley · Guru

Well done, Steve, go to the top of the class - you got it!!!!!

Rhianrach · Expert

semsley wrote:

Well done, Steve, go to the top of the class - you got it!!!!!

Do I get a cookie smile

semsley · Guru

You can have two.

Rhianrach · Expert

semsley wrote:

You can have two.

Om nom nom

tonys · Senior Member

Thanks, I got that now.

Tony.

Rhianrach · Expert

better to know how than to know what wizard in my humble opinion

Apollo · Member

Hi!

The IAB uses a much simpler way which avoids the sales ledger which is " clear" anywhere.

By JV, Dr Bad debts w/o in P&L, cr Bank.

If a VAT reclaim is due after 6 months, JV Dr VAT Input [not Output, per HMRC] Tax for vat element, cr Bar Debts w/o.

What do people think?

semsley · Guru

That's OK provided you want to write the debt off. It maybe a problem with the cheque - eg incorrectly dated or words and figures not matching. If you believe and/or want to try to recover the debt then this would not be the correct way to go about it.

-- Edited by semsley on Wednesday 16th of June 2010 10:30:54 AM

Cheryl · Newbie

Guys,
Just joining this now.
I'm new to sage but need to deal with a customers bounced cheque.

1. SI on cust a/c; NC=9999; T9; Amt
2. BP from bk a/c NC=1200; T9; Amt
3. ??

I think I'm missing the 3rd step. From what I can see so far the entry 1 & 2 will cancel/balance each other out but I'm conscious that I need to do a 3rd entry? Or do I?

Your help would be appreciated.
thanks

Stardoe · Guru

Hi there,

No, that's fine, that's all you need

You have put the invoice back onto the customer account and debited the bank with the returned cheque. Just make sure when you do the bank payment that the nominal code you enter is 9999 (or whatever you entered the Sales invoice to).

Pauline