How to Reverse Cheques in REST Professional

Overview

When a payment is made in REST with a payment method of cheque, there may be circumstances where the cheque does not get presented at the bank, a lost cheque or the payee has requested that the cheque be cancelled and payment sent by EFT instead. In these examples, the cheque would need to be reversed in REST.

Types of Cheque Reversals

There are 3 types of cheque reversals in REST, they are:

  • Owner Payment and Quick Disbursement
  • Reverse a Creditor Cheque
  • Reverse a Cheque from Previous Period

Owner Payment and Quick Disbursement

This process is used when the cheque to be reversed is either:

  • An Owner Payment
  • A Quick Disbursement
  • A Sales Disbursement for the Vendor or Buyer
  1. To cancel and owner payment or quick disbursement in REST go to Transactions > Cancel Transactions > Owner Payment and Quick Disbursement

  1. Put in the cheque number (reference number) and press enter
  2. This Disbursement is 1 of 1 for cheque number xxxxx, Is this the disbursement you want to click YES
  3. Are you sure you want to cancel this transaction, click YES

Reverse a Creditor Cheque

This process is used when the cheque to be reversed is a creditor cheque within the current period (current month).

  1. Go to Transactions > Cancel Transactions > Creditor Cheques

  1. Enter cheque number (reference number) and click enter
  2. Say YES to cancel the transaction
  3. Do you want to cancel the disbursement which relates to this cheque

Option 1: By saying ‘Yes’, REST will automatically cancel the disbursements and journal funds back to the owner ledger.

Option 2: By saying ‘No’, REST will only cancel the cheque. The creditor disbursements will remain, and will need to be re-processed.

Reverse a Cheque from Previous Period

This process is used when the cheque to be reversed is a cheque from a previous period.

  1. Go to Transactions > Cancel transactions > Cheques from Previous Period

  1. Enter cheque number (reference number) and press enter
  2. You are able to put in an additional description for the cancellation in the field provided and then click OK F12

  1. A message will appear, advising that the cheque has been cancelled and funds have been credited to the AAJOURNAL internal account, click OK

  1. From AAJOURNAL, you can:
  • Journal the funds back to the property for a clear & concise paper trail and record of the funds.

OR

  • You can also create & pay a new creditor disbursement or quick disbursement straight from AAJOURNAL if required.
09/08/2017 11:40 pm AEST

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