What is it?
This refers to a situation where a printed cheque remains uncashed and meets with the following conditions;
- cheque is lost
- incorrectly issued (wrong address, duplicate payment)
Why is this important?
All University requests to cancel a cheque should be sent to Accounts Payable. The cancellation by Accounts Payable will reverse the original charge and return the funds to the department. New payment will be reissued based on reason for cancellation. For example, a cheque mailed to an incorrect address would be cancelled by Accounts Payable and immediately reissued based on corrected address information and original payment request. In this example, a department will see the funds returned and immediately recharged as a result of the cancellation and reissue process.