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How can I deal with a bounced cheque?

Article ID
ias-11973
Article Name
How can I deal with a bounced cheque?
Created Date
5th May 2015
Product
IRIS Time and Fees
Problem
A payment has been received from a customer but the cheque has bounced since being entered onto IRIS Fees ledger. How can I record that the invoice is now outstanding again.
Resolution
Posting a Refund will allow you to report the cheque has bounced and will deal with any VAT if the receipt was posted Accounting for VAT by adjusting this accordingly. To post a refund:
  • From the IRIS Main Menu click on IRIS Fees
  • Click Posting | Ad-hoc posting
  • Select type Refund
  • Enter Client ID, Date, Amount, Reference(s) (optional), Narrative(optional)
  • Click Post To change it so the invoice is now outstanding a the receipt is matched to the invoice:
  • Close the screen and go to Posting | Matching
  • Enter the client and select All postings, at the top right
  • Highlight the receipt and click on Unmatch
  • In the following screen unmatch all entries
  • Click on Back and then Update
  • Highlight the receipt again and click on Match
  • Highlight the refund and fully match
  • Click on Back and Update The receipt is now matched to the refund and the original invoice(s) are unmatched and outstanding.

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