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Join nowcustomer paid with bank transfer - but the payment was canceled due to problems with customers bank account. How do I correct the customers record and show they still owe for the invoice?
Hello, @Scagkc.
Correcting a cancelled bank transfer can be complicated, so it's advisable to seek guidance from an accountant. However, if your bank is connected to QuickBooks Online (QBO), you can follow these steps to unapply the bounced check payment from the original invoice:
To inform your customers about what they owe and why, you can create a statement:
If you want to know how bank fees or any other fees are being charged, you can refer to Step 3 of this article: Record a returned payment or bounced check in QuickBooks Online
For future reference, here's a guide on recording and receiving your customer's payment: Record invoice payments in QuickBooks Online
If you have further questions about cancelled bank transfers, you can comment below, and we'll respond to you as soon as possible.
Step 6 refers to 'the new expense you created in step 1' but there is no newly created expense in step 1. Please clarify what this is and the steps to do this.
I can provide the steps in handling bounced check payments, @AB118.
If your bank is connected to QuickBooks Online, you can unapply the bounced check payment from the original invoice.
The first step we'll need to do is recategorize the bounced payment. It will reopen the invoice and create an expense to account for the deducted money, ensuring that your records are accurate.
To do so:
This process offsets the unpaid invoice. However, if you don't have a bank connected to QuickBooks or the returned payment has not shown up yet, you can make an expense for this transaction.
Second, we'll need to unnapply the bounced check payment from the original invoice:
For the next step, refer to Steps 3 and 4 in this article: Record a returned payment or bounced check in QuickBooks Online.
I'd still recommend consulting your accountant, as the steps are tricky and complicated. This way, we can ensure the accuracy of your books. You can check out our Find an Accountant tool if you don't have one.
Furthermore, I'll add some articles that can help you in managing your customers and transactions in QuickBooks Online:
I'm consistently here to assist you anytime you need help with your bank transactions. You can enter your response by clicking the reply button below.
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