If the “in” and the “out” end up on the same bank statement, then unless you need a record of the bounced cheque, you could just remove the original Sales Receipt.
LESS STRAIGHT FORWARD
As above but if bounced on the next consecutive statement – you could reconcile two statements in one and do the same, or manually adjust the closing balance of first statement to account for the bounced cheque.
If the “bounce back” happens across more than one statement then, in order to show the original invoice as unpaid again, you should do the following:-
Edit the SR that has been reconciled and put an N (for not paid) against the invoices that currently have Y on and save the transactions leaving the money on account and put returned cheque in description.
Enter a negative SR that is for the same value and date as the “bounce back”. Clear the SA that is showing in the list by putting a Y by it and leave the invoice(s) with N
If or when you receive another cheque you can proceed to enter a sales receipt in the usual way.