Cheque reversal

Question

We have a cheque that was issued from the wrong bank account and posted. When trying to reverse the cheque, it wasn't allowed. Then someone tried to reverse one of the invoices associated to that cheque, which created a credit memo. When the credit memo was reversed it created an in and out entry to balance it out. 
 So now we have a cheque that can not be found in Sage, other than seeing the journal entry and there is one invoice that was showing is paid had to be re-entered and now is ready to be paid. 
 What should we do to reverse the cheque so that we can re-apply the invoices to the new cheque?

Erzsi_I · Answer

Hi Carolyn Schinkel , 
 Thanks for reaching out. It sounds like a tricky situation with the cheque reversal. If you haven't resolved this yet, here are some steps you might find helpful:

Reversing the Cheque : To reverse a cheque that was posted from the wrong bank account, try deleting the cheque transaction from the journal entry. You should be able to locate this by finding the cheque number or the incorrect bank account entry. Once deleted, you can re-enter the cheque using the correct bank account.

Handling the Credit Memo : Since the credit memo was created when reversing the invoice, ensure that the credit memo is correctly applied to the corresponding invoice. If the credit memo has created a balance issue, you might need to make a manual adjustment to correct it.

Re-Apply the Invoices : After reversing the cheque and resolving any issues with the credit memo, re-enter the invoice(s) and apply them to the new cheque. This should ensure that your records reflect the correct payments.

If this helps please mark it as verified :) 
 Warm Regards, Erzsi

Sage 50

Cheque reversal

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING