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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Removing stale dated c...
Microsoft Dynamics GP (Archived)

Removing stale dated cheques from outstanding cheques report

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Posted on by Community Member

Help Please!

I'm trying to clear some stale date cheques from 2012 from my outstanding cheques list.

My thought is that I can use the increase or decrease bank adjustment feature to move these amounts to a liability account for now, just in case someone shows up asking for their cheque. Am I correct in using the increase adjustment to increase bank balance while also increase an accounts payable account?

Thanks for any help anyone can offer.

Regards

Isiah

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  • Suggested answer
    L Vail Profile Picture
    L Vail 65,271 on at

    Hi,

    Bear in mind how you want this to affect the vendor's account. Right now there is no balance owed to the vendor; you may want to keep it this way. What I think you need to do is to create a separate account specifically for the stale checks so that you do not throw your GL out of balance with your PM Aged Trial Balance. I'm not sure about laws in your state, but in Texas any uncashed vendor checks should be escheated to the state if 3 years have elapsed since you've had any contact with the vendor. Due diligence rules also require the holder of unclaimed property valued over $250 to try and contact the vendor who didn't cash the check.

    Kind regards,

    Leslie

  • Jinak1 Profile Picture
    Jinak1 10 on at

    So what Isiah is saying is true? You have to use the increase bank adjustment to clear the stale dated check? Let's say you don't have that escheat rule. I can post the increase bank adjustment to the same expense account on the invoice that the check was paying off. 

    The only bad thing is if the vendor comes back later and says they didn't get the check, my records will show it as cleared. I would have to dig up the old bank records or do some real research to get to the bottom of things. I could put some "note" in my increase bank adjustment, and hopefully my research will lead me there. Not sure what else will show that this was a check that was written off. 

    This probably won't happen as my checks are really old but just saying "what if". Is this the only way to write off old checks? I'm also in a moral dilemma, if I should call the vendors to tell them that these checks didn't clear but that might cause a bunch of work investigating these old checks. Plus we might've paid it off another way like credit card. 

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