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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