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Dis-Honored Cheque


#1

How to return the a cheque to customer against received cash.
We received a cheque and deposited to the bank and next day it become dishonor. we inform to customer about the same and ask for payment. he agreed to pay cash against his invoice. what we will do in the system to knock off the invoice against cash and return his cheque back to the customer which we received against same invoice.


#2

You have settled Invoice by creating a Payment received using Cheque mode. Cancel it >> Amend it and make re-submission with Cash payment you received finally.

With regard to your bank showing Cheque cleared and then dishonored, so they posted a reverse entry. This will appear in your bank statement, which you could choose to ignore as 2 entries are knocking each other off. Or you may pass Journal entry of bank payment received and then reversing the entry using helper account like ‘Ask my accountant’ or ‘Suspense A/c’ or 'Miscellaneous Expenses"


#3

In the above case the date is issue as the received cheque date is 2 days earlier and once we cancel the payment entry the cashier’s that day balance will be disturbed. actually that day’s all receipts were close to Head Office and now the cheque is in H.O GL account

what to do in this case.


#4

@Waqas, @FinForce other problem I think you must have anticipated is the Bank Charges for returned cheque. I think JV to link with the Voucher ? :wink:


#5

the Bank charges is our internal that we can posted in the bank GL but the check which we receive against invoice was dis-honored and need to give back to customer. JV is also the final option but can we returned the cheque by payment entry and receive cash against same invoice ?