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MYOB/Reckon – What do I do if client has paid but the cheque is dishonoured by the bank?

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MYOB/Reckon – What do I do if client has paid but the cheque is dishonoured by the bank?

MYOB/Reckon – What do I do if client has paid but the cheque is dishonoured by the bank?

When your client (or nemesis J) has paid by a cheque and it has bounced… dishonoured by the bank – how do you record this in your bookkeeping?

Usually there will be a Credit deposit and Debit when the cheque is dishonoured, so they will cancel each other out and are NOT worth entering at all.

Re-invoice the client for the bank fees you have been charged, using a service type invoice. Use the N-T or FRE tax code. Send it with a friendly note that the cheque bounced and these are the fees you have been charged!

When the cheque is presented (or you receive another cheque) allocate it to the correct invoice.

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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