We need someone to provide the proper method for documenting returned OWNER payments in QBO. The returned payment was ours; it was not a Customer or Vendor's payment. Our Vendor auto-drafted their monthly payment from our CLOSED bank account, then issued a return payment and return penalty a few days later. Therefore, how do we record a returned payment for this bill and the penalty fee in QuickBooks? Here is the timeline:
- 2/17/23: We closed our bank account ("Account 1234") and opened a new account ("Account 5678") the same day
- 2/17/23: Issue is, one of our Vendor's autopay was not cancelled (SoCalGas)
- 3/7/23: SoCalGas drafted their payment of $26.74 from the CLOSED Account 1234
- 3/13/23: SoCalGas returned the payment due to "Bank Closed"; now past due $26.74
- 3/13/23: SoCalGas added a Return Payment Fee of $7.50 to the bill
- 5/8/23: We paid all the past due bills from NEW Account 5678, including the past due balance of $26.74 and return fee $7.50
- FYI: The transactions for CLOSED Account 1234 are only in QuickBooks by manual entry; this account was never connected to QBO, so the transactions are not in the transactions list by a bank account connection, so the 3/7/23 payment made is not in the transactions list (though it wouldn't have been anyway because the bank account was closed)
- NEW Account 5678 is connected to QBO and all the transactions are connected by this bank account connection, so the 5/8/23 payment is there
We regularly use the method outlined in the QuickBooksHelp Article titled Record a returned payment or bounced check in QuickBooks Online, but this appears to be only for bounced checks made by Customers.
We need the method for recording OWNER bounced checks/payments (OUR bounced payments). We are getting conflicting information from Google searches; I'd rather not list the things we've done and all the errors, because I want a clean slate.
Please help, it would be very appreciated!
