Share this content
0
424

Unpresented Cheques and Bank Feeds

Xero

Didn't find your answer?

Search AccountingWEB

I've a client who both receives and, to a lesser extent, pays money by cheque.  He's on Cash Accounting for VAT.

These rarely, if ever, appear on the bank statement on the same day as they were received (or paid), which is no big deal until that crosses a VAT return date.

Can I edit the date of the transaction on the bank feed to make it fit in the correct quarter ?  The date seems to be the one thing I can't amend.

Replies

Please login or register to join the discussion.

avatar
By SJRUK
30th May 2019 16:32

You can manually enter the cheque received against the invoice and then when the bank feeds flows through in a few days times it picks up what's already been posted.

I've only just found this out myself and it works - I was worried it would be double posted as a bank receipt, but it doesn't seem to be the case.

Thanks (1)
to SJRUK
30th May 2019 16:43

Does it work if the cheque is one of many banked together ?

Thanks (0)
avatar
By SJRUK
to lionofludesch
30th May 2019 16:47

I'm not sure as I've only just started using this and we normally only get one cheque at a time now anyway. The easiest way round would be to bank the cheques individually to they appear separately on the bank account, unless that was a real faff.

Thanks (1)
to SJRUK
30th May 2019 16:53

Not likely to get the client to change his ways that much.

Particularly as he might bank up to 20 at a time.

But thanks for that.

Thanks (0)
to lionofludesch
30th May 2019 17:03

you can do it with multi-cheques.
You mark them off as paid for each invoice raised (this assumes invoices used)
Then in the bank rec you would need to match them all to the (assumed) single bank figure.

Thanks (1)
30th May 2019 16:35

Edited.... better answer above

Thanks (0)
avatar
By JKnight
30th May 2019 21:23

If the client is banking multiple cheques for sales invoices they could the Batch Deposit feature? This allows the user to record payments against multiple invoices and is accessed via the Deposit button on the Invoices> Awaiting Payment tab.

Thanks (1)
to JKnight
31st May 2019 11:02

Thanks - I'll give it a whirl.

Thanks (0)
avatar
By Mr_awol
31st May 2019 09:58

How many cheques is he getting in? What value are they?

Could he pay in all cheques around quarter end on his app? I think they show up pretty quickly then (mine show up in a few hours as I recall but can only do so many a month and have to be worth less than £500)

Thanks (1)
to Mr_awol
31st May 2019 11:01

A lot. Maybe 10 cheques at a time, £10k to £20k in total, banks around once a week.

Can't see him waiting till the end of the quarter to bank a quarter of a million.

Thanks (0)
avatar
By Mr_awol
to lionofludesch
31st May 2019 11:13

No - I meant paying 'all the cheques around quarter end' electronically (if they were modest amounts) rather than pay 'all the cheques' in around the quarter end ;)

In any case I imagine the sales side is less of an issue and if he's banking weekly then even your adjustment to agree the paying in slip date wont account for cheques sitting in his desk drawer waiting to be paid in. Im not sure how far you want to go on the sales timing. Purchases could be a lot more important.

Thanks (0)
to Mr_awol
31st May 2019 11:51

Mr_awol wrote:

No - I meant paying 'all the cheques around quarter end' electronically (if they were modest amounts) rather than pay 'all the cheques' in around the quarter end ;)

Ah - right. That makes more sense.

Quote:

In any case I imagine the sales side is less of an issue and if he's banking weekly then even your adjustment to agree the paying in slip date wont account for cheques sitting in his desk drawer waiting to be paid in. I'm not sure how far you want to go on the sales timing. Purchases could be a lot more important.

Yep - as it happens, there were no outstanding cheques last quarter but that won't be true every time.

Thanks (0)
Share this content