▶ How do I cancel an old cheque?
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How do I cancel an old cheque?

Sometimes you will have old cheques which were issued many months or even a year ago and you know these are not likely to be presented. If you wish to cancel them so that they stop appearing on the reconcile list, and stop appearing as an unpresented item, you can do the following:

  • Enter a reversing entry in the current financial year, regardless of the financial year in which the cheque was issued. This involves entering the original cheque transaction exactly as it was, but adding a minus sign in front of the values.
  • Under Bank/Reconcile, you can tick both the old cheque and the reversing entry off to be cashed in the current financial year. These will net off against each other so as not to affect your balances.

This will simultaneously correct the bank reconciliation and the VAT account.

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