How to Manage Bounced Cheques
A bounced cheque: If a cheque has been presented for clearance, but the amount written on the cheque exceeds the available balance in the account, the cheque is referred to as a dishonored cheque or bounced cheque.
Masterkey functionality makes it easy to track payments and manage bounced cheques.
- Select the module (Sales, Leasing, Property Management) and select any Sold / Leased Unit and click on Invoices (Payments Due)
- Add all the payments that the Buyer / Tenant has paid or yet to pay
- Generate receipts for the invoices paid
- Once the receipt is generated, the payment status by default will be This payment has been reconciled, meaning the cheque which the Buyer / Tenant has given is processed / cleared
- If the Cheque bounces for any reason, click Actions and select Mark as Unreconcile, meaning the payment is not processed or the cheque is not cleared
- System prompts you for confirmation. Click OK to proceed
- Now select Actions and click 'Mark as Bounced'
- The system prompts for confirmation again. Click 'OK' to proceed
- The cheque is now marked as bounced and the details are displayed in yellow
- Once the cheque is marked as Bounced, you can select 'Replace Cheque' or 'Mark as Replaced'
- If the Buyer / Tenant replaces the bounced cheque with a new cheque. Click Replace Cheque and enter the new cheque details and click Save
- A new receipt number is created for the replaced Cheque
- Alternatively, if the Buyer / Tenant pays Cash click on 'Mark as Replaced', in this case the system will not generate a new receipt
- Once you mark it as 'Replace Cheque' or 'Mark as Replaced', the bounced details will be removed
- Entire payment history is maintained and can be viewed by clicking on show / view history