This entry was posted on Saturday, November 14th, 2009 at 11:29 pm and is filed under QuickBooks, QuickBooks advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
If you are using QuickBooks then you probaly have learned alot about using the software. There are many little things that you can do to help handle the accounts. You can check QuickBooks support, but sometimes it is not clear what to do. But what to do if you have a bounced check? Here are some simplified instructions:
In QuickBooks go to Lists then Chart of Accounts and create a new bank account called “Clearing account”.
Then go to Lists and Item List and create a new Other Charge item called Bounced Check mapped to the clearing account you created above. Create another Other Charge item called Bounced Check Fees mapped to your bank service fee account.
Go to Customers and Credit Memo/Refund. If you have sales reps, modify the credit memo to include the sales rep box by clicking on the Customize button and checking the Screen box next to Sales Rep. Use the bounced check item you created above and enter the amount of the returned check. The sales rep box doesn’t automatically populate so if you have sales reps make sure to enter the rep, otherwise your Sales by Rep report will be overstated.
After you save the credit memo, you’ll be given a list of options. Select Give a Refund. Unclick the box next to To be printed, enter the date the check was returned, enter EFT for the check #, and enter something like “check returned NSF” for the Memo.
Go to Customers and Create Invoice and re-invoice the customer. Use the bounced check item you created above and enter the amount of the returned check. The sales rep box should automatically populate. If it doesn’t, enter the rep. Use the bounced check fee item you created above to pass on any returned check fees your bank charged you.
