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Reverse Receipt

Reverse Receipt

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Reverse Receipt

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A receipt that has been incorrectly issued can be corrected by a Receipt Reversal if the Lessor still has available funds and it is still a current transaction. Once you have done an End of Period payout, you cannot reverse the receipt.

 

Banking Reverse Receipt

Usage:

 

Enter a descriptive reason why the receipt is being reversed. A drop down list of reasons that can be used are available in the field, but any other text may be entered.
The receipt numbers from the current period that can be reversed are displayed in the scroll box. Select the receipt number from the box.
Press the Reverse button.

 

Reverse a receipt

If the receipt is in the current banking, the receipt will be removed from the banking.

 

If the cheque is in a banking that has been closed, two options are given:

 

Negative Cash in Daily Banking. This negative amount will appear on the banking slip, and then you need to receipt an equal amount, ie to the correct tenant so the positive and the negative amounts cancel each other out and will not affect the current banking balance total.  Do not use this option if the payment has been dishonoured.

 

Treat as Dishonoured Payment. If it was reversed because it was a dishonoured payment then a debit will appear on the bank statement and the debit in the statement reconciliation will be flagged to reconcile.

Or if the payment was reversed and needs to be receipted back ie to the correct person, receipt as a direct type payment and in the statement reconciliation there will be a corresponding debit and credit that cancel each other out to balance the reconciliation.

 

 

In the case of a dishonoured cheque from a previous period proceed as follows:

 

At some stage, the funds must be received to cover the dishonoured cheque. It may be a new cheque from the tenant. When this is received:

 

Do not receipt the cheque payment into the computer. It is a good idea to place a warning note on the tenant record to ensure this.
Make out a separate manual deposit for the cheque and bank it as a separate deposit.
On your bank statements, you will have a debit for the dishonoured cheque and a credit for the deposit.  As these two cancel each other out no further action is necessary. If they appear on different pages of the statement, you may have to use a correction journal in order to make each page balance.

 

 

 

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