Handling Deposits after a bounced check is recorded.
I recorded a check as "bounced" that was rejected by the bank, due to "hundred" not being written out correctly. The invoice shows unpaid, and it automatically recorded the journal entry correctly. However, the deposit still shows for the full amount. Do I need to manually correct the deposit, or will QB due this function automatically? The owner, always wants the reconciliation to match exactly.
Re: Handling Deposits after a bounced check is recorded.
When you say that the QuickBooks corrected this have you looked at the correcting entry in journal entry form? The original deposit should show as this was the deposit made and will correspond to a line item on your bank statement. There should be a second entry for the amount of the bounced check. The entry is a credit to the bank account in the amount of the bounced check and a debit to accounts receivable in the same amount.