Reverse a Cheque

A cheque can be reversed by locating the cheque transaction and clicking on the Reverse Cheque button. 

The transaction can be found from the Supplier Account (uncheck Current), from the Chart of Accounts (Bank or Payable account), or in the Related Links of a Payable that the cheque was applied to (Purchase Invoice). 

On the right side of the transaction click on Reverse Cheque to create a reversal.  

In the above screenshot cheque #1571 will be reversed.  Once clicked, you will get a "are you sure" window, click Yes to Reverse.

 

What happens?

1. The original cheque payment stays as is but the transaction will show as Reversed with a link to open the reversal transaction.   
2. A reversal transaction is created to credit individual payables and debit asset (payment) account dated today.
3. The payables will return to unpaid/open.
   
4. The reverse and original cheque transaction will be in Account Reconciliation to match against one another.

  

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