Robin Bondy (Customer) asked a question.
I have a trust cheque that was imported to LEAP from PCLAW. How can I reverse/void that cheque now that it is stale-dated?
Jackie Lauziere and Rhonda Murray like this.
- SAMANTHA TRICKETT (Customer)
Hi Robin,
You will need to receipt the trust cheque as a payment received from whom the cheque was made payable to, detail that the cheque is stale dated in the memo section, you will then have available funds to reissue the payment. There will then be a debit and a credit entry on your bank reconciliation for the original stale dated cheque and the receipt (the void cheque).
Hope this helps.
Expand Post - Vanessa Lanteigne (Customer)
This is a work around, not a solution. We have the same issue but good luck reconciling at month end when the "receipt" doesnt actually hit the bank because its not actually a receipt. Its an accounting nightmare.
- SAMANTHA TRICKETT (Customer)
Hi Vanessa,
This is a solution - at your month end reconciliation you will have the original cheque (imported from PCLaw) in the additions section (which you will zero out or remove); then you will have your receipt (reversal) of the original cheque, in the main section, which together cancel out. The reversal (of the original cheque) will allow you to reissue the payment on the client's ledger.
The original cheque would never have debited your bank so the receipt doesn't need to 'hit the bank', this process is for internal bookeeping to allow you to reissue the cheque.
I wish I could send you screenshots as my month end reconciliations have reconciled perfectly.
Expand Post
- Vanessa Lanteigne (Customer)
Thanks for this. I will take a look at the next month end but we've been having a terrible time reconciling anything since switching to LEAP.
- SAMANTHA TRICKETT (Customer)
Speak with your LEAP practice advisor, I only had trouble with the transition month into LEAP and my practice advisor helped with this, the following months reconciled perfectly.
Hi Robin,
You will need to receipt the trust cheque as a payment received from whom the cheque was made payable to, detail that the cheque is stale dated in the memo section, you will then have available funds to reissue the payment. There will then be a debit and a credit entry on your bank reconciliation for the original stale dated cheque and the receipt (the void cheque).
Hope this helps.