Managing Bounced Cheques in FalconPro Real Estate Software

Managing Bounced Cheques in FalconPro Real Estate Software

Introduction

Bounced cheques can create financial disruptions for property managers and landlords. FalconPro Real Estate Software provides a structured approach to tracking, managing, and adjusting bounced cheque transactions.

This guide explains how to:
✅ Record a bounced cheque and update tenant records.
✅ Generate journal vouchers (JVs) for financial adjustments.
✅ Track bounced cheques in reports and link them to legal actions.

1. Understanding Bounced Cheques in FalconPro

A bounced cheque occurs when a tenant’s cheque fails to clear due to insufficient funds, a closed account, or an incorrect signature.

FalconPro allows users to:

  • Reverse the cheque payment and adjust tenant balances.
  • Generate an automatic journal voucher (JV) for the bounced amount.
  • Link bounced cheques to police cases or legal follow-ups.

2. Recording a Bounced Cheque in FalconPro

Once a bank informs you that a cheque has bounced, you must update the transaction in FalconPro.

Steps to Record a Bounced Cheque:

  1. Go to “Accounting” → “Cheque Management”.
  2. Select “Received Cheques”.
  3. Find the Cheque that Bounced.
  4. Click “Mark as Bounced”.
  5. Select the Reason for Bouncing (e.g., Insufficient Funds, Signature Mismatch).
  6. Enter a Reference Number (if linked to a police case).
  7. Click “Save”.

✅ Now, the cheque is marked as bounced, and FalconPro reverses the payment transaction.

3. Creating a Bounced Cheque Journal Voucher (JV)

To reflect the bounced cheque in accounting records, FalconPro generates a JV to adjust the tenant’s balance.

Steps to Generate a Bounced Cheque JV:

  1. Go to “Accounting” → “Journal Vouchers”.
  2. Click “New Journal Voucher”.
  3. Select “Bounced Cheque Adjustment”.
  4. Choose the Tenant and Unit Associated with the Cheque.
  5. Enter the Cheque Amount and Details.
  6. Click “Generate JV”.

✅ Now, the JV is created, and the tenant’s balance is updated.

4. Tracking Bounced Cheques in FalconPro

FalconPro provides reports to monitor bounced cheques and their statuses.

Steps to View Bounced Cheque Reports:

  1. Go to “Reports” → “Cheque Reports”.
  2. Select “Bounced Cheques”.
  3. Filter by Date Range, Tenant Name, or Property.
  4. Click “Retrieve” to View Data.
  5. Export the Report for Legal or Accounting Purposes.

✅ Now, users can track all bounced cheques and take necessary actions.

5. Legal Actions for Bounced Cheques

If a cheque is linked to a police case or legal dispute, FalconPro allows users to:

  • Attach legal case details to the cheque record.
  • Track follow-ups on police cases.
  • Automatically generate a follow-up report for legal teams.

6. Best Practices for Managing Bounced Cheques in FalconPro

✅ Update cheque records immediately after bouncing.
✅ Ensure journal vouchers are created for financial adjustments.
✅ Use the cheque reports to track unresolved cases.
✅ Follow up with tenants on bounced payments.
✅ Integrate legal actions into cheque tracking when necessary.

7. Conclusion

FalconPro Real Estate Software provides a structured and efficient system for managing bounced cheques, tracking failed payments, and ensuring accurate financial adjustments. By following these steps, property managers can:
✅ Reduce financial discrepancies caused by failed payments.
✅ Keep accurate records of bounced cheques and legal follow-ups.
✅ Maintain financial transparency with automated adjustments.

FAQs

1. What happens when I mark a cheque as bounced?

FalconPro reverses the transaction, updates the tenant’s balance, and allows users to create a journal voucher for adjustment.

2. Can I modify a bounced cheque entry after saving it?

No, but users can generate a correcting journal voucher if needed.

3. How do I track police cases related to bounced cheques?

Users can add a police case number to the cheque record and track legal actions in the system.

4. What is the purpose of the bounced cheque journal voucher?

The JV ensures the bounced cheque is reflected in accounting records, preventing mismatches in tenant balances.

5. Can I export a report of all bounced cheques?

Yes, FalconPro allows users to generate detailed reports and export them to Excel or PDF.

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