Customer cancelled check already matched to invoice
So I have a situation that I cannot find a clear answer for.
A new customer of ours has cancelled their check for work already done. The check was deposited, cleared and matched to their invoice. My problem is that their check was deposited with another customers so the total deposit amount includes the other customers. I need to match the deposit to the customer who paid and then show the difference in the deposit as unpaid/bounced check/NSF or whatever it needs to be.
We currently do not have an account for bounced checks/NSF because we have never had this issue before. Would that be an expense account? Is this as simple as choosing that account when resolving the deposit difference, even though there would be no payee?
I hope this make sense, any direction would be greatly appreciated!!
As the article stated, you'll have to create two service items for the returned check and associated fee to use when charging returned check fees to your customers. For the returned check, you'll need to select the bank account the check was returned on. For the associated fee, you can select an expense account that you use to track your bank charges.
I'm sure this will get you on the right direction. Should you need other helpful articles and guides in the future, you can check out our QuickBooks Resource Center for more information.
Keep me posted if you have additional questions about the method. I'm here to help.