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Void a payment in Cash Receipts

  • 1.  Void a payment in Cash Receipts

    Posted Jun 24, 2016 02:32 PM

    This is a first for me after 28 years of working in Accounts Receivable, as our company has a 100% unconditional guarantee, if you are not satisfied, you do not have to pay.  However, a new client received services, sent payment, check was deposited, but then stopped payment on the check.  How do I "void" this payment, and make sure that it shows up on the Bank Reconciliation, as well?  This check was part of a larger deposit, so it was one of many checks in that days deposit that was posted. 

    Thank you!

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    Joann Hill
    Quantum Services
    Columbus OH
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  • 2.  RE: Void a payment in Cash Receipts

    GOLD CONTRIBUTOR
    Posted Jun 24, 2016 08:00 PM

    Hi Joann,

    I had this recently for the first time in GP as well.  In the Sales Module I used the NSF feature by going to Sales>Transactions>Posted Transactions.  Enter the payment information of which cash receipt you want to void and then I used the NSF button but changed the fee to $0.00 (as this was a Service Issue and not something I would charge the customer for).

    I hope this helps!

    Thanks,

    ------------------------------
    Rachel Cilli
    Accounting Manager
    Global LT, Inc.
    Troy MI



  • 3.  RE: Void a payment in Cash Receipts

    GPUG ALL STAR
    Posted Jun 26, 2016 11:22 AM

    For bank rec, you should see this voided trx in Bank Deposits as a negative cash receipt to be "deposited". Simply make a bank deposit for it which is to mark it as a negative deposit to match your bank statement when you go to reconcile that account.

    ------------------------------
    Jen Kuntz
    Kuntz Consulting Inc.
    Cambridge ON Canada



  • 4.  RE: Void a payment in Cash Receipts

    TOP CONTRIBUTOR
    Posted Jun 27, 2016 10:23 AM

    Joann - you would first need to void the deposit that the check was included in (Financial/Bank Deposits/Option = Void). Then you should be able to void the actual cash receipt (Sales/Posted Transactions). I'm not sure you can void the deposit if you've already 'reconciled' it on a previous bank statement. In that case, I'd probably issue a debit memo to zero out the cash receipt.

    ------------------------------
    Tiffany Ziegler
    Vice President & Controller
    Velcor Leasing Corporation
    Madison WI



  • 5.  RE: Void a payment in Cash Receipts

    GPUG ALL STAR
    Posted Jun 28, 2016 03:51 PM

    There is no need to void the original deposit - it was fine and shouldn't be touched. Just voiding the cash receipt will be fine.

    ------------------------------
    Jen Kuntz
    Kuntz Consulting Inc.
    Cambridge ON Canada



  • 6.  RE: Void a payment in Cash Receipts

    Posted Nov 14, 2017 09:42 AM
    Hello,
    as mentioned in this thread:
    For bank rec, you should see this voided trx in Bank Deposits as a negative cash receipt to be "deposited".

    What we found is that instead of an "negative cash receipt to be deposited, we find a $0 cash receipt to be deposited for voided /NSF transaction.  Any idea's what  can cause this?

    Thank you in advance

    ------------------------------
    Jutta Ipsen
    Baystream Corporation
    Montreal QC
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  • 7.  RE: Void a payment in Cash Receipts

    TOP CONTRIBUTOR
    Posted 19 days ago
    @Jen Kuntz I've had to circle back to this thread this week, as I had to void an EFT customer cash receipt that was returned for insufficient funds. I did nothing with the deposit, and simply voided the cash receipt. I do not have a negative amount showing up in my bank rec module - any thoughts as to why or how to get it to appear? ​

    ------------------------------
    Tiffany Ziegler
    Vice President & Controller
    Velcor Leasing Corporation
    Madison WI
    ------------------------------



  • 8.  RE: Void a payment in Cash Receipts

    TOP CONTRIBUTOR
    Posted 19 days ago
    @Jen Kuntz and others - I found it after all. For some reason it came through as a WDL type instead of a negative deposit. Maybe because it was processed through the NSF window? Regardless, I've got what I need.​

    ------------------------------
    Tiffany Ziegler
    Vice President & Controller
    Velcor Leasing Corporation
    Madison WI
    ------------------------------



  • 9.  RE: Void a payment in Cash Receipts

    GPUG ALL STAR
    Posted 19 days ago
    Glad to hear you've figured it out!

    ------------------------------
    Jen Kuntz, CPA, CGA, Microsoft MVP (Business Applications), GPUG All-Star

    Independent Consultant
    Kuntz Consulting Inc.
    Cambridge, ON, Canada
    ------------------------------



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