How can I deal with a bounced cheque?
Article ID
ias-11973
Article Name
How can I deal with a bounced cheque?
Created Date
5th May 2015
Product
IRIS Time and Fees
Problem
A payment has been received from a customer but the cheque has bounced since being entered onto IRIS Fees ledger. How can I record that the invoice is now outstanding again.
Resolution
Posting a Refund will allow you to report the cheque has bounced and will deal with any VAT if the receipt was posted Accounting for VAT by adjusting this accordingly.
To post a refund:
- From the IRIS Main Menu click on IRIS Fees
- Click Posting | Ad-hoc posting
- Select type Refund
- Enter Client ID, Date, Amount, Reference(s) (optional), Narrative(optional)
- Click Post
To change it so the invoice is now outstanding a the receipt is matched to the invoice:
- Close the screen and go to Posting | Matching
- Enter the client and select All postings, at the top right
- Highlight the receipt and click on Unmatch
- In the following screen unmatch all entries
- Click on Back and then Update
- Highlight the receipt again and click on Match
- Highlight the refund and fully match
- Click on Back and Update
The receipt is now matched to the refund and the original invoice(s) are unmatched and outstanding.
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