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Hello
I made a payment to a supplier against an open invoice, The bank reject the payment and returned to my bank account. How do I match the payment and the refund. I corrected the payment and applied the payment to the invoice. and how do I keep a record of this for future reference.
It's great having you here with us, Ahmed CPA. I'd be delighted to share insights and steps to help you rectify bounced cheque payments from your bank.
When payments are rejected by your bank, it might be that your financial banking account has non-insufficient funds or doesn't have enough money to cover the cheque amount. With that, you need to enter a journal entry to reverse the bounced cheque payment. To do that:
Once done, let's reopen the bill and link the bounced cheque to the journal entry. Here's how:
Then, we can record the bank fee. Here's how:
You can check out this article for more detailed information: What to do if your cheque bounces and your bank account has non-sufficient funds.
Moreover, I've added this reference to guide you in reconciling your account to match your bank and credit card statements: Reconcile an account in QuickBooks Online.
Let us know in the comments below if you have additional questions or other QuickBooks concerns. We'll gladly assist you further. Have a good one!
Hello
Thanks for your prompt reply. I am not sure if the above solution would work for me. The attached image is for transactions downloaded from my bank account to QB online via bank feeds. I did an EFT but put the wrong account, the bank returned/refunded the amount, I corrected the bank account and sent it again and applied the correct payment to the invoice. Now I am left with debit and credit in downloaded transactions for the same amount. from reading the reply it took care of the refunded amount but left the original payment in the bank register.
Thansk
Hi Ahmed CPA,
Allow me to join the thread. I've tried to replicate on my test file the steps provided by my colleague above and confirm that you'll be able to match the transactions to the bank feed. In addition, since the bill was re-opened, you can record a bill payment. Then, you'll be able to match the refund to the journal entry created and the other one to the new payment recorded.
For your reference, you can also check on this article: Enter supplier credits and refunds in QuickBooks Online.
Feel free to drop a comment below if you have any other questions.
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