Entering a Returned Check (Step 3 of 3)


This Solution, along with Solution# 5177 and Solution# 5178 (linked below), describes the process for entering a returned check. The general process is to create offsetting miscellaneous invoices for the amount of the returned check, and then receive and deposit the negative invoice. This is the third of three solutions detailing the process. (5179)







Step 3. Create a Negative Deposit

In order to complete this transaction, you must then deposit the negative receipt. To do this, open the Deposit tool in the Banking Toolbar. Select the negative receipt along with the correct Account this money is coming out of (i.e. Checking Account). You have now reversed the payment that was received from a customer.

Note: For Bank Account reconciliation purposes, you should create a separate “Deposit” for each returned check. This will keep these transactions separate when you go to reconcile your account.



Related:

Step 1 of 3
Step 2 of 3

  Chapter 321 Customer Credit

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