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What does it mean if cheque returned reason is Wrongly delivered not drawn on us?
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Is it possible to cancel cheques?
Yes. The term used for this is called Cheque "Stop Payment" You must visit the bank branch from which you got the cheque book and submit a letter stating the reason for the same and also provide the cheque number. If the cheque has not yet been paid, the cheque would be canceled and no payment would be made.
What does it mean when a cheque is returned for reason account closed?
It means the account that the check was drwan on has been closed. Whoever wrote the check went to the bank, closed the account without providing a list of outstanding checks, and took whatever cash was left in the account. Unfortunately it makes the check you're holding worthless... but if you are located in the US (not sure about other countries) it is considered bank fraud and is a federal offense. Contact an attorney.
Is return inwards added to cost of sales?
Return inwards is that portion of sales which is returned by the customers due to some defect or any other reason and it is deducted from sales and not added to cost of sales.
What is the accounting entry for the check dishonoured?
return of a cheque by bank is a normal practice due to any reason like funds unsufficient drawer signature different but if a cheque is provided by debtor against credit supplies it will not effect to our current assets till it's realization the receivable will be the same but if against cash supplies the bank will be debit and sales will be credit to close day accounts if it founds return after it's realization process the entry will be reverse and stand temporary credit till it's recevery
what does return reason -b.....uncollected funds hold- mean, if you have enough in your acct for the check, & you also pay for having "NO Checks returned"...please explain.....?
It means the returning bank knows what�??s wrong with a check, but is refusing to tell both the depositary bank and the payee.
What was the first reason for Atticus return?
Atticus returned home to Maycomb to defend Tom Robinson, a black man wrongly accused of raping a white woman.
Two reason why a check may become stale?
The only reason why a cheque may become stale is: The cheque was issued to you in the past and you have not yet deposited it for cashing it. Any cheque that is older than 180 days is considered stale. If you deposit a stale cheque - the bank will not release the funds
How long is a Canadian cheque valid for?
Under CPA Rule A4, Section 21, a cheque is considered stale-dated after six months, unless it has been certified. Although it may be returned through the clearing for that reason, there is no obligation to do so, and the payor’s financial institution may still accept it as a valid payment item. An institution accepting a cheque that is dated more than six months earlier may choose to contact the payor’s financial institution to confirm whether the cheque will still be accepted.
What is the difference between exceeds arrangement and insufficient fund?
Amount mentioned in the instrument exceeds the overdaft limit then that instrument is retuned for reason "Exceed arrangement". eg. If o/d limit of an account is Rs.1 lac and around Rs.75 K have already been overdrawn and then cheque of another 50K hits the account then instrument will be returned for reason "exceed arrangment". If account does not have sufficient balance and customer issues the cheque exceeding the balance then same will be returned for reason "Insufficient Funds". eg. If account has the clear balance of Rs.1 lac whereas instrument is issued of Rs.3 lacs then same will be retuned for reason "Insufficient Funds".
What is the reason for intrument return in the check bounce?
A cheque may bounce if: a. The person trying to cash the cheque doe not have an account with the bank b. If the name on the cheque does not match the person trying to cash it c. If the cheque is expired (More than 90 days in the past) d. If the signature on the cheque does not match the signature of the person who issued the cheque e. If there is not enough funds in the bank account to pay for the cheque
Is it possible to cancel cheques?
Yes. The term used for this is called Cheque "Stop Payment" You must visit the bank branch from which you got the cheque book and submit a letter stating the reason for the same and also provide the cheque number. If the cheque has not yet been paid, the cheque would be canceled and no payment would be made.
What are the reason for dishonouring a check?
A cheque may be dishonored for the following reasons: a. Cheque Date Expired - Usually cheques are valid only for 3 months from the date mentioned in it. So, if a cheque is dated 1st of January 2013 and you cash it in May or June of 2013, it will be dishonored because the cheque is old and invalid. b. Signature of account holder does not match with bank records c. Not enough funds in the bank account to pay the cheque d. Any overwriting or editing in the cheque e. Cheque issuer has explicitly put a stop-payment on the cheque.
What is a post date?
A post-dated cheque is a cheque, on which a future date appears and not a current date. For example, if today is 01/01/2012, then a cheque which bears a date (say) 15/01/2012 is a post-dated cheque, till that date (15/01/2012) comes. In other words, till 14/01/2012 this cheque will be considered as post-dated cheque. That is, the future date has not yet arrived (till 14/01/2012). On 15/01/2012, the cheque will be no longer a post-dated cheque, but becomes a current dated cheque.In India, a cheque should be presented for payment on or after the date that appears on the face of the cheque. This date is also called ostensible date.A banker cannot a pay a post-dated cheque as he has no mandate to debit the account of the depositor earlier than the date of the cheque. In other words, a post-dated cheque should not be paid and should be returned to the holder with the reason, "Cheuque is post-dated" as the payment of a post-dated cheque is fraught with dangers. Since payment of a post-dated cheque, as per Section of the 10 of the Negotiable Instruemnts Act, 1881, is not a payment in due-course, many banks in India will not make payment of the cheque.If any defect in the title of the payee is found later, the banker cannot claim protection and should make good the loss to the ture owner.M.J. SUBRAMANYAM, BANGALORE
29 reason why a check can not be cash?
Practically, there are not 29 reasons as to why a cheque cannot be cashed. But, a cheque may bounce due to a variety of reasons. They are: a. The signature of the cheque issuer does not match bank records b. There is not enough money in the issuers bank account to pay for the cheque c. There is overwriting in the cheque and is not duly counter-signed d. The amount in numbers and amount in words does not match e. The cheque is very old and expired (more than 90 days old)
Will the mail be delivered on September 1 2007?
There is no reason that it shouldn't be.
How many people are wrongly convicted from double jeopardy?
In the United States, no one has been wrongly convicted from double jeopardy. Double Jeopardy is prohibited by the Bill of Rights in the United States Constitution, and is an adequate reason for appeal.
What is difference between return inward and return outward?
Inward return is directly proportional to the outward clearing where funds crediting into customers account i.e;inflow of funds into customers account and cheque return due to reason for eg insufficient funds or say cheque stopped by the drawer etc.... Outward return is directly proportional to the inward clearing where funds are debiting from the drawee or payee account i.e;outflow of funds from customers account and cheque return due to reason insufficient funds or say cheque stopped etc....
