Payment Entry

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This discussion addresses how to handle a payment entry for a cheque that has not cleared for three months, especially after splitting company data. The recommended solution is to reverse the original entry. Depending on the financial year the reversal needs to occur in, the specific accounting entries will differ, with a reconciliation statement potentially required for the current financial year.

Dikshit Shah

Dikshit Shah (Querist)
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05 June 2020 Dear Sir,

We have issue check rs. 1,00,000 Date On 1/3/2020 against our purchase bill. the cheque is not pass in 3month now i have split my company data already how to adjustment entry pass please suggest right Answer

Gokul Sharma

Gokul Sharma (Expert)
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05 June 2020 REVERSE THE PREVIOUS ENTRY MADE..................

Dikshit Shah

Dikshit Shah (Querist)
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06 June 2020 please share entry in detail

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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07 June 2020 1st entry what you have did is,
Party A/c Dr. 1,00,000/-
To Bank A/c 1,00,000/-
if you want to reverse in F.Y. 2019-2020 then 2nd entry would be
Bank A/c Dr. 1,00,000/-
To Party A/c. 1,00,000/-
If you want to reverse in F.Y. 2020-2021 then 2nd entry would be same as 2nd but you have to prepare reconciliation statement for the transaction.

Dikshit Shah

Dikshit Shah (Querist)
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07 June 2020 Ok Sir Thank you So Much

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