I can provide several scenarios that explain why your funds are returned, Incrediblecuts.
Learning these scenarios can aid businesses in managing financial transactions and minimizing the chances of returning funds.
Here are the following scenarios:
- Any mismatch in this information such as bank account number, routing number, and other details when recording the deposit can cause a returned deposit.
- If the account you are trying to deposit into has insufficient balance, the bank may return the funds.
- The bank account may have certain restrictions, such as daily deposit limits or only accepting specific types of deposits.
However, if you mean customer invoice payments associated with their bank account that doesn't have enough funds, the payment will be declined and the money will be sent back. In this case, you only need to record the bank fees. You can refer to this article, which will provide the complete process of handling a bounced check: Record a returned payment or bounced check.
If you're referring to a returned bill payment or vendor from a business account that lacks sufficient funds, the bank will not process the transaction which results in returned funds. You can also refer to this page on how to handle this depending on your scenario: What to do if your check bounces and your bank account has insufficient funds in QuickBooks Online.
I'm adding this page that will help you track invoice payments: Record invoice payments in QuickBooks Online.
Did you know you can get personalized assistance and expert guidance for all your bank transaction needs? Consider exploring our QuickBooks Live Expert Assisted team, where you can connect with professionals who can help you record the bounced check effectively.
If you have questions regarding fund movement concerns QuickBooks, please respond to this message. The Community forums are available for assistance.
