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bjlabuk


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Unbanked cheque
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Evening everyone,

I previously reconciled an unbanked cheque for £25.20, which was dated 27/07/11, thinking that cheques had a time limit of 6 months. I reconciled it on Sage on 30/01/12. 

It has now been cashed by the bank on 16th May 2012, 10 months after it was dated and I'm not sure how to amend Sage as the reconciled bank balance is now £25.20 out (the amount of the cheque).

Can anyone advise me how to amend Sage?

 

Thanks

bjlabuk




-- Edited by bjlabuk on Thursday 14th of June 2012 07:51:01 PM

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MarkS


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How did you reconcile the £25.20 in the first place as would have been out of SAGE but not the bank so there would be a difference.  Or did you adjust it back and then reconcile?

If it is now out the bank and not on SAGE is it not just a case of posting through SAGE the cheque and then reconcile?

Regards

MarkS



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Mark Stewart CA

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Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
bjlabuk


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Mark,

On 27/7/11

N/c 1200 bank Account: Cheque to 'Y' for Expenses £25.20 CR
N/c 7911 Expenses:  'Y' expenses £25.20 DR

On 31/01/12

N/c 1200 bank Account: Cheque to 'Y' not cashed £25.20 DR
N/c 7911 Expenses: 'Y' expenses not claimed £25.20 CR

On 16/5/12

N/c 1200 bank account:  Cheque to 'Y' for expenses cashed £25.20 CR


I am thinking that if I just post

N/c 7911 Expenses: 'Y' expenses claimed £25.20 DR

That this would be the double entry which would reconcile the payments?

Bruce




-- Edited by bjlabuk on Friday 15th of June 2012 03:36:22 PM

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MarkS


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Well the entry you have on 16/05/12 only has an CR entry.  Where was the DR recorded or have you not yet processed?

 

If not then should be

Dr 7911 £25.20

Cr 1200  £25.20

ie effectively recording the original transaction of 27/07/11 which you reversed on 31/01/12

Regards

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
bjlabuk


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Mark

I don't think it has been processed yet. To keep things simple I phrased the question from myself but it was actually a question to me from another employee responsible for inputting the information onto Sage who was processing the month of May. I have since looked through our nominal activity and came across the above entries, but haven't seen the May figures yet. From what you are saying I think I need to query with her whether she has done the DR entry as above. I will post again once I can confirm that or not.

Thanks for your advice

Bruce

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PattiE23


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Thank you so much for sharing your inquiry with us. I'm actually going through the same concern and this forum was a great help. Anyway, a recent FDIC survey has found that more people are becoming unbanked, or are living without a banking account of any sort. They usually rely heavily on cash transactions and option financial service providers to make their way in the world. They are slowly but steadily growing in number. Source for this article: Bad credit loans not payday.



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VinceH


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And "PattiE23's" spamnificent post will be removed in 3... 2... 1...

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Stardoe


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And still counting

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Forum spam technology must be improving...they even know it's Shamus' day off!

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yawn



-- Edited by Cheshire on Thursday 20th of November 2014 08:38:17 AM

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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