How to Reverse Cheques in Rest Professional

Overview

When a payment is made in Rest Professional with a payment method of cheque, there may be circumstances where the cheque is not presented at the bank, is lost or the payee requests that the cheque be cancelled and payment sent via an alternative method. In these examples, the cheque would need to be reversed in Rest Professional.

Types of Cheque Reversals

There are 3 types of cheque reversals in Rest Professional. 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 a Vendor or Buyer

To cancel an owner payment or quick disbursement in Rest Professional, to go:

• Transactions > Cancel Transactions > Owner Payment and Quick Disbursement
• Enter the cheque number (reference number) and press the enter key 
• You will be prompted with a message: 'This disbursement is 1 of 1 for cheque number xxxxx, is this the disbursement you want to cancel?' Click YES
• Click YES to cancel the transaction 

Reverse a Creditor Cheque

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

• Go to Transactions > Cancel Transactions > Creditor Cheques
• Enter cheque number (reference number) and press the enter key 
• Click OK-F12 
• Click YES to cancel the transaction 
• You will be prompted with a message: 'Do you want to cancel the disbursement which relates to this cheque?'

Option 1: To cancel the disbursement and journal funds back to the owner ledger, click YES

Option 2: To cancel the cheque only and keep the creditor disbursment to pay at a later date, click NO

Reverse a Cheque from Previous Period

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

• Go to Transactions > Cancel transactions > Cheques from Previous Period
• Enter cheque number (reference number) and press the enter key 
• Enter an Optional additional description for the cancellation and then click OK-F12

• You will be prompted with a message advising that the cheque has been cancelled and funds have been credited to the AAJOURNAL internal account
• Click OK-F12

Option 1: Journal the funds back to the Property 

Option 2: Create a new creditor disbursement or quick disbursement directly from AAJOURNAL by choosing AAJOURNAL as the Property