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Treatment of un-cleared cheque in new financial year

satish (accuntant) (45 Points)

10 May 2016

we are using tally for accounting and we created two separate compansie for 15-16 & 16-17 we issued cheque on 30-03-2015 for the final settlement of ledger but which was cleared on 5-05-2016. how to treat this transaction ?

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6 Replies

Madhav (50 Points)
Replied 10 May 2016

payment entry would have been passed on 30 mar 2016 now no need of passing entry in books but in BRS has to be reflected as cheque cleared

Vikas Gupta (Tax Executive) (530 Points)
Replied 10 May 2016

If at the time of issuing cheque (On 30/03/16) you have made payment entry, you need not post any further voucher for adjustment of this voucher to next year. You only need to take it into consideration while preparing bank reconciliation and party reconciliation (to whome cheque was issued by you).

satish (accuntant) (45 Points)
Replied 10 May 2016

as per accounting we need to pass the entry only oce i aggre !! but if i dont post the entry again in new financial year BRS will not tally with bank statement.

Vikas Gupta (Tax Executive) (530 Points)
Replied 11 May 2016

Ledger & their balances are transferred to next year in tally through import/export options.

satish (accuntant) (45 Points)
Replied 11 May 2016

as i sed in my qustion we are using to separate companis & we are entering opening balances manually because we dont want to import all masters & ledgers ( your suggestion will help me if we can import a single ledger)