How is the cheque account reconciled?
As the reversal transaction is posted as a deposit to your cheque account, it will correspond with rejected payment on the bank statement. The replacement payment, being a withdrawal, will also correspond with the bank statement. Therefore, simply mark off these transactions as Cleared as they appear on your bank statement.
Related Questions
- I have paid a cheque from an incorrect subdissection. The cheque has been reconciled in OASIS, what do I do to reflect the expenditure in the correct subdissection?
- I account for GST on a cash basis. Does the cheque have to be presented on my bank statement to claim an input tax credit?
- Why do you need my Social Insurance Number and a personalized cheque to open an account?
