Reversing a Receipt

A RECEIPT WHICH HAS BEEN POSTED CAN BE DELETED FROM THE DAYBOOK. HOWEVER IF THE VAT RETURN HAS BEEN TAGGED FOR THE PERIOD, THIS OPTION WILL NOT BE ALLOWED AND THE RECEIPT WILL HAVE TO BE “REVERSED”.

THIS MAY BE REQUIRED FOR EXAMPLE WHERE A CUSTOMER CHEQUE HAS BOUNCED OR BEEN RETURNED BY THE BANK.

BANK > RECEIPTS

Received into

Select the original bank account from the drop down list into which the original funds were lodged (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct bank account at the start.

Reference

This is the original lodgement slip number or the bank statement reference in the case of Direct Debits/Standing Orders of the transaction you are "reversing". You should also add an extra "bounced" or "void" to the end of the reference.

Date

Date of original lodgement as recorded on the lodgement slip or in the case of credit transfers the date of lodgement into the bank account.

Customer / Payer

Select a Customer (F2) if a sales invoice relating to the receipt has already been posted.

Nominal Account

If a Customer is selected from the Customer listing the Nominal account will default to Trade Debtors, this cannot be changed. If it is a Payer receipt that you are reversing then choose the exact same Nominal Account as the original transaction.

Amount

Enter the exact amount of the original receipt as a MINUS figure.

VAT

In the case of reversing a Payer receipt then choose the same VAT rate that was attached to the original receipt.

The VAT element will flow through to the VAT report to be included within the Normal VAT Report for the period.

IF IT IS A CUSTOMER RECEIPT LODGED WHICH HAS THEN BEEN CANCELLED, THEN IT IS NOT ADVISABLE TO DELETE THE ORIGINAL ENTRY BUT SHOULD JUST BE EDITED IN THE DAYBOOK AND THE AMOUNT EDITED TO ZERO - THIS WILL ENSURE THAT A PROPER PAPER TRAIL OF TRANSACTIONS BETWEEN THE BUSINESS AND THE CUSTOMER IS MAINTAINED.

Need help? Support is available at 01 8352074 or thesauruspayrollsupport@brightsg.com.

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