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Dishonoured Cheques

Dishonoured Cheques

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Dishonoured Cheques

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Dishonoured cheques can cause problems if they are not attended to immediately. Do not disregard them.

 

If the cheque was originally receipted in the current period it should be possible to reverse the receipt. If the funds have not been sent to the Lessor, or used to pay a creditor,  then it can be reversed.

The cheque was receipted in a previous period, or the funds have been used in some way. Reversing the cheque would now place the Lessors balance into debit which it cannot do.

 

The easiest way is to wait until the funds are replaced in some way. Do nothing in the computers records except placing a tenant note that the next replacement cheque is not to be receipted. When it is received, bank it separately using a hand written deposit form. This way there will be a debit on the bank statement for the amount, and later, a credit for the same amount. To be able to reconcile a bank statement before the replacement cheque is received, use a correction journal.

 

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