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Reckon/Quickbooks – Wanted to know if GST had been added twice in invoice?
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Published on Saturday, 22 July 2017 14:41
Client emailed – My client cheque/payment bounced – it was dishonoured by the bank – how do I enter it in the accounts?
Solutions –
- One way - create a General Journal or Write Cheque - returning the amount to Accounts Receivable for the customer, which also is taking it out of the bank account on the other side. Then when they pay again, General Journal or Deposit back to the bank. What the GST if it crosses a BAS reporting period, and you are on Cash reporting (when actually cash is received). If not sure, call for a free chat to clarify.
- Another way is to delete the payment receipt on the bank (as the deposit and return on the bank, cancel each other out so nil effect on the bank). This can’t be done if the cheque is part of a multi-deposit, as it will not match the bank transaction. See item 3
- Another solution can be found HERE – more detailed but quite accurate, if the cheque is part of a group of deposits together.
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