How to Cancel Payment Voucher for Expired Cheque in i-Account

How to Cancel Payment Voucher for Expired Cheque in i-Account

Introduction
Most property management regularly issues cheques for payments to their creditors/vendors, and occasionally, some of these cheques may expire without clearing payment in the bank. Generally, a cheque is valid for 6 months from the date of issuance. Such unpresented cheques will also appear as a reconciling item in the monthly bank reconciliation.


If the cheque is expired, Admin needs to record the cancellation of the expired cheque (i.e. cancellation of payment voucher) in i-Account. Below are the steps on how to record the cheque cancellation.


Issue Journal Voucher


1. Go to Banking and General Ledger > Transactions > Journal Entry to issue Journal Voucher.


2. Enter the Journal Date for this Journal Voucher. 
Notes: Document Date and Event Date can follow the Journal Date



3. Under the “Account Description” select the appropriate General Ledger (GL) accounts from the dropdown listing. Enter the “Debit” and “Credit” and Memo as below example. Click on the “+” icon to add on in the line. 


4. Admin can enter the same Memo as above inside this Memo section and click the “Process Journal Entry” icon to process the journal.


5. This message will pop out once you successfully record the journal.


Enter New Payment


After issuing either Journal Entry, you already complete the process to record the cancellation of the expired cheque. The Bank and Creditor GL Accounts will reflect the correct balances. Next, management can issue a new Payment Voucher, as shown below.


1. In order to record a new Payment Voucher, go to Purchases > Transactions >  Payment to Suppliers.


2. Inside the Supplier Payment Entry page, select the supplier name inside "Payment To" dropdown selection. 


3. Next, choose the "From Bank Account" and "Date Paid".


4. Select the "Payment Mode" for this payment. 


5. You can allocate this payment against the Journal or Bank Deposit which you have issued  earlier for the cancellation.


6. Lastly, enter a Memo and click on the “Enter Payment” icon to proceed with the Supplier Payment issuance. 


7. Once the payment is successfully entered, this pop up message will appear. Admin has the option to print this payment voucher directly.


Sample of Payment Voucher



Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.



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