What is the best way to get rid of stale-dated AP checks?
There are a couple of options for dealing with stale-dated checks:
- Reverse the cheque in Bank Services / Bank Transactions / Reverse Transactions. Enter the bank and the source ledger and enter the cheque to be reversed, or select it from the finder. The date of the reversal is able to be edited and this can be advantageous if the user wants to back-date the reversal to a prior period. If the cheque being reversed was posted as a 'Misc. Payment', an option to 'reverse invoice' comes up. This allows the reversal of the check and invoice at the same time. If the check being reversed was posted as a 'Payment' against an already posted invoice, this option is not available and the invoice will revert to an outstanding status in AP. The user must then create a credit note or adjustment against the invoice if no replacement cheque is being issued. (See Transaction Types - AP Payments for information on the differences between Misc. Payments and Payments.)
- The check can be cleared in the bank reconciliation screen, and then an offsetting bank entry (deposit) can be created to a write-off account.
Option 1 allows for the AP Vendor statistics to be more accurate as the vendor account will reflect the credit and the value of the purchases made from that vendor will be adjusted.