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Level 1

Refund for deposited check

Hi!

 

Here's my scenario:

 

Customer paid for two invoices with check, which was deposited to company's bank account along with other checks and is shown on our bank account as a lump sum. 

In a week after this deposit was made, the deposit per this check was cancelled by the bank because customer previously voided the check, and funds were withdrawn from our bank account in the amount of this check. 

And here is a question - how we should record this deposit refund without cancelling invoices, because customer will pay those invoices with other check in a couple of weeks? 

 

Thanks! 

Solved
Best answer January 10, 2019

Best Answers
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Moderator

Refund for deposited check

Hello Oleksandr,

 

We can create a check that affects the customer account. This will show that the customer still owes you the said amount.

  1. Click the Create menu (+) and select Check.
  2. Select a bank account. You can leave the Choose a payee field blank.
  3. Go to the Account details section and enter Accounts Receivable in the ACCOUNTS column.
  4. Enter the details in the AMOUNTS and CUSTOMER column.
  5. Click Save and close.

When the customer pays you again, you can record the payment through Receive Payment.

  1. Click the Create menu (+) and select Receive Payment.
  2. Enter the customer, payment date, payment method, and the bank.
  3. Under the Outstanding Transactions section, mark the check.
  4. Enter the payment amount and click Save and close.

Fill me in if you need anything else. I'll be around.

View solution in original post

1 Comment
Highlighted
Moderator

Refund for deposited check

Hello Oleksandr,

 

We can create a check that affects the customer account. This will show that the customer still owes you the said amount.

  1. Click the Create menu (+) and select Check.
  2. Select a bank account. You can leave the Choose a payee field blank.
  3. Go to the Account details section and enter Accounts Receivable in the ACCOUNTS column.
  4. Enter the details in the AMOUNTS and CUSTOMER column.
  5. Click Save and close.

When the customer pays you again, you can record the payment through Receive Payment.

  1. Click the Create menu (+) and select Receive Payment.
  2. Enter the customer, payment date, payment method, and the bank.
  3. Under the Outstanding Transactions section, mark the check.
  4. Enter the payment amount and click Save and close.

Fill me in if you need anything else. I'll be around.

View solution in original post

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