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I paid a vendor via ACH, the following month the ACH was returned. I need to resubmit the ACH, how do I record this transaction in quickbooks w/o effecting my rec.

I paid a vendor via ACH and reconciled the bank account.  The following month the ACH was returned to us.  I now need to resubmit the ACH to the vendor.  How do I record this transaction in quickbooks without voiding the original payment to the vendor that has already been reconciled but I don't want to over state this vendors wages. 

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Best answer 10-19-2018

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create an expense account called clearing Make a deposit...

create an expense account called clearing

Make a deposit for the amount of the returned ach, use the clearing expense account as the source (from) account for the deposit

Enter a new ach transaction, use the clearing expense account as the expense for the transaction

when you recon, check off this deposit against the original ach payment

the clearing account will be zero, the bill is still paid, the 1099 total has not been impacted, and the recon is fine

View solution in original post

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Highlighted
Established Community Backer ***

create an expense account called clearing Make a deposit...

create an expense account called clearing

Make a deposit for the amount of the returned ach, use the clearing expense account as the source (from) account for the deposit

Enter a new ach transaction, use the clearing expense account as the expense for the transaction

when you recon, check off this deposit against the original ach payment

the clearing account will be zero, the bill is still paid, the 1099 total has not been impacted, and the recon is fine

View solution in original post

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