How to Replace Bounced or Office-Kept Cheques in FalconPro Real Estate Software
Introduction
Managing post-dated and bounced cheques is a critical aspect of real estate and property management operations, especially in the UAE. FalconPro Real Estate Software provides robust tools to handle cheque replacements, whether the cheque is bounced, kept in the office, or needs to be replaced with cash or another payment method. This article explains, step-by-step, how to replace bounced or office-kept cheques using FalconPro Real Estate Software, ensuring your financial records remain accurate and compliant with best practices for real estate management solutions.
Understanding Cheque Replacement in FalconPro Real Estate Software
Replacing a cheque in FalconPro Real Estate Software can occur in two main scenarios:
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Full Replacement: The client pays the entire cheque amount in cash, and the original cheque is returned or cancelled.
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Partial Replacement: The client pays part of the cheque amount, and the cheque remains in the office until the full amount is settled through multiple payments.
Both methods ensure that your contract and payment records are properly updated without disrupting the integrity of your accounting data1.
Steps to Replace a Bounced or Office-Kept Cheque
Replacing a Cheque with Full Cash Payment
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Locate the Cheque:
Go to Check Management > Receive the Check. Enter the cheque number to retrieve its details. -
Cancel the Cheque:
If the client wants to pay the full amount in cash, cancel the cheque using today’s date and add remarks explaining the reason (e.g., “Cancelled due to cash payment”)1. -
Update the Contract:
The related installment will now appear as unpaid in the contract. The cheque is marked as cancelled in the contract history, ensuring transparency for future audits. -
Record the New Payment:
Go to the contract and create a new receipt for the same installment.-
Important: Do not change the fees due date. The due date must match the original installment to maintain the link between the receipt and the contract1.
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Finalize the Receipt:
Enter the payment type as cash, add relevant remarks (e.g., “Paid against cancelled check 126”), and save the receipt. The contract will update to show the payment as received and cleared.
Replacing a Cheque with Partial Payments
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Initiate Partial Replacement:
Go to Receipts and select the option for replacing a cheque. Enter the cheque number and retrieve its details. -
Enter Partial Payment:
Specify the partial amount being paid (e.g., 3,000 AED), select the payment method (cash or cheque), and add remarks (e.g., “Paid against partial payment for check 127”)1. -
Save and Track Balance:
The system will update the cheque status, showing the replaced amount and the remaining balance. Each subsequent payment will reduce the outstanding balance. -
Repeat Until Fully Paid:
Continue recording partial payments until the cheque amount is fully settled. The system ensures you cannot receive more than the remaining balance. -
Cancel the Cheque After Full Payment:
Once the full amount is received, return to Check Management and cancel the cheque. Enter the reason for cancellation (e.g., “Cheque replaced by multiple cash receipts”)1.
Key Points for Accurate Cheque Replacement
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Do Not Change Fees Due Date:
Always use the original installment due date when recording replacement payments. Changing the date will break the link between the receipt and the contract, causing discrepancies in reports and ledgers1. -
Maintain Clear Remarks:
Add clear, descriptive remarks for each replacement or partial payment to ensure transparency and facilitate future audits. -
Contract and Cheque History:
FalconPro Real Estate Software maintains a full history of cheque status changes and related receipts, providing a clear audit trail for each transaction.
Best Practices for Cheque Management in Real Estate Software
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Centralized Cheque Tracking:
Use FalconPro’s check management module to monitor cheque statuses (new, cleared, bounced, cancelled) for each property and client. -
Automated Contract Updates:
Ensure all cheque replacements and payments are reflected in the contract’s payment schedule and history. -
Consistent Accounting Integration:
All cheque-related actions are automatically linked to the correct accounts, supporting accurate financial reporting and compliance with UAE regulations. -
User Access and Security:
Restrict cheque cancellation and replacement to authorized users to prevent unauthorized changes.
Conclusion
Replacing bounced or office-kept cheques in FalconPro Real Estate Software is a straightforward process when following the correct steps. By ensuring that each replacement payment is linked to the original contract installment and maintaining accurate records, property managers and accountants can keep their financial data clean and auditable. Always use the software’s built-in features for cheque management to streamline operations and reduce errors in your real estate management system.
Frequently Asked Questions (FAQ)
Q1: What happens if I change the fees due date when replacing a cheque?
A: Changing the fees due date will break the link between the receipt and the contract installment, causing the system to show the installment as unpaid even if payment was received1.
Q2: Can I replace a cheque with multiple partial payments?
A: Yes, you can record multiple partial payments against a cheque. The system tracks the replaced amount and remaining balance until the full amount is settled1.
Q3: How do I ensure that the replacement payment is linked to the correct contract?
A: Always use the original contract number, property, and due date when recording the replacement payment. This maintains the link between the payment and the contract installment1.
Q4: What remarks should I use when replacing a cheque?
A: Use clear remarks such as “Paid against cancelled check [number]” or “Partial payment against check [number]” for transparency and audit purposes.
Q5: Can I cancel a cheque after partial payments?
A: Only cancel the cheque after the full amount has been received through partial payments. The system will prompt you to cancel the cheque once the balance reaches zero1.