How to Replace and Cancel a Cheque in FalconPro Real Estate Software

How to Replace and Cancel a Cheque in FalconPro Real Estate Software

Introduction

FalconPro Real Estate Software provides a structured way to manage cheque replacements when tenants pay in partial installments. This feature ensures that:

  • ✅ Old cheques remain recorded while the tenant makes payments in parts.
  • ✅ Receipts are generated for partial payments.
  • ✅ The original bounced cheque can be canceled after full payment is received.

This guide explains how to:

  1. Replace a cheque and record partial payments.
  2. Continue collecting amounts until the cheque is fully covered.
  3. Cancel the bounced cheque once the full amount is paid.

1. Understanding Cheque Replacement in FalconPro

Cheque replacement is used when:

  • A bounced cheque needs to be replaced with multiple payments.
  • A tenant wants to pay partially instead of replacing the entire cheque at once.
  • The old cheque should remain in records until full payment is received.

💡 Example Scenario:
A tenant issued a 10,000 AED cheque that bounced. Instead of issuing a new cheque, the tenant wants to pay:

  • ✅ 3,000 AED in cash
  • ✅ 5,000 AED via bank transfer
  • ✅ 2,000 AED with a new cheque

The old bounced cheque remains recorded until the full 10,000 AED is collected.

2. Replacing a Cheque and Recording Partial Payments

Steps to Replace a Cheque in FalconPro:

  1. Go to Accounting → Receipt Vouchers.
  2. Click “New” to Create a Receipt.
  3. Select “Replace Cheque” (without selecting any other option).
  4. Search for the Cheque to Replace:
    • Search by Cheque Number.
    • Search by Receipt Number.
    • Search by Contract Details (Property, Landlord, or Contract Number).
  5. Select the Bounced Cheque from the List.
  6. Check the Remaining Balance:
    • Example: Cheque Amount = 10,000 AED
    • Replaced Amount = 0
    • Balance = 10,000 AED
  7. Recording the First Partial Payment:
    • Enter the Amount the Tenant is Paying Now:
      • Example: 3,000 AED (Paid in Cash).
    • Select Payment Method:
      • ✅ Cash
      • ✅ Bank Transfer
      • ✅ New Cheque
  8. Save the Receipt.
    • ✅ The first receipt is now recorded, reducing the balance to 7,000 AED.

3. Processing Additional Payments for the Same Cheque

If the tenant continues making payments, the cheque remains in records until the full amount is covered.

Steps for the Second Partial Payment:

  1. Create a New Receipt.
  2. Click on “Replace Cheque”.
  3. Search for the Same Cheque Again.
  4. Check the Remaining Balance (e.g., 7,000 AED).
  5. Enter the Amount Paid Now (e.g., 5,000 AED via Bank Transfer).
  6. Select the Bank Details for the Transfer.
  7. Save the Receipt.
    • ✅ The balance now reduces to 2,000 AED.

4. Finalizing the Cheque Replacement with a New Cheque

If the tenant wants to pay the remaining amount (2,000 AED) with a new cheque, follow these steps:

Steps to Replace the Final Cheque Payment:

  1. Open a New Receipt.
  2. Select “Replace Cheque” and Search for the Cheque.
  3. Enter the Remaining Amount (2,000 AED).
  4. Choose “Cheque” as the Payment Method.
  5. Enter the New Cheque Details:
    • ✅ New Cheque Number: (e.g., 12345)
    • ✅ Client’s Bank Name: (e.g., Abu Dhabi Bank)
  6. Save the Receipt.
    • ✅ Now, the full 10,000 AED is paid using three receipts.

5. Cancelling the Original Bounced Cheque in FalconPro

Once the total amount (10,000 AED) is paid, the old bounced cheque must be canceled to avoid double payments in reports.

Steps to Cancel the Bounced Cheque:

  1. Go to Accounting → Cheque Management.
  2. Click on “Received Cheques”.
  3. Search for the Original Bounced Cheque (Cheque Number: 5210).
  4. Retrieve the Cheque Details and Verify the Status.
  5. Click “Cancel Cheque”.
  6. Enter the Reason for Cancellation:
    • Example: “This cheque is replaced by three receipt vouchers.”
  7. Confirm and Save.
    • ✅ Now, the old cheque is removed from active records, and payments are correctly reflected.

6. Verifying Payment Records in Leasing Contracts

After cheque replacement and cancellation, FalconPro ensures that:

  • ✅ The total paid amount matches the original cheque amount.
  • ✅ The cancelled cheque no longer appears in active contract records.

Steps to Verify the Payment Status:

  1. Go to Leasing → Contracts.
  2. Search for the Contract Number Linked to the Cheque.
  3. Click on the “Payments” Tab.
  4. Check the Payment Breakdown:
    • ✅ Cheque Amount: 10,000 AED
    • ✅ Paid Amount (via Receipts): 10,000 AED
    • ✅ Cancelled Cheque is No Longer Visible.
    • ✅ Now, the payment records are accurate, and the issue is resolved.

7. Benefits of Cheque Replacement in FalconPro

  • ✅ Allows Partial Payments – Tenants can pay in installments.
  • ✅ Prevents Double Accounting – The old cheque remains until fully replaced.
  • ✅ Reduces Payment Errors – Ensures correct balances are tracked.
  • ✅ Provides Full Audit Trail – Shows receipts linked to cheque replacements.
  • ✅ Ensures Compliance – Helps in accurate contract management and financial reporting.

Conclusion

FalconPro Real Estate Software simplifies cheque replacement and cancellation, ensuring smooth rent collection and accurate financial tracking. By following these steps, businesses can effectively manage bounced cheques, partial payments, and cheque replacements without accounting issues.

FAQs

  1. What happens if the tenant does not complete all payments?
    The original cheque remains active in the system until fully replaced.
  2. Can I cancel a cheque without replacing it?
    Yes, but it is recommended to track payments before cancellation to avoid incorrect balances.
  3. How do I track all receipts linked to a cheque replacement?
    Open the original cheque details, and FalconPro will show all linked receipts.
  4. Can I issue a new cheque instead of partial payments?
    Yes, the tenant can replace the bounced cheque with a new cheque instead of paying in installments.
  5. How do I generate reports for cheque replacements?
    Go to Reports → Cheque Management → Replacement Summary to view all cheque replacements and payments.

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