Hello my QuickBooks Online students. I made this video for QuickBooks online students who need to record customers bounced, bad checks. Any check that the bank returns as “not sufficient funds” should be managed and recorded in the way it is shown here. You must bill your customer for the N.S.F check by making an invoice in the amount of the returned bad check. When a customer or client bounces a check on you, you should add to the invoice an item from the items list that will charge a fee more than what the bank will charge us for someone else’s bad, bounced, N.S.F check.
That's actually the right way To Do it because the bank deducted its straight from your account. I don't know why I chose To Do it that way When I made the video However never fear,the revised version is coming soon and it will show recording an expense rather than a check for the bank fees.. Mark.
First try the level 1 tutorial so you have a fill foundation........... ua-cam.com/video/aoWghI3kvpc/v-deo.html Then do the ADVANCED playlist in proper order................ ua-cam.com/video/1PL1xHBIOS4/v-deo.html
Thank you for sharing, your videos help me a LOT!, Jus one question. What happen with the check? because you save and close, so what about print? it doesn't affect the #checks or... I have little confusion about it
Thank yoy Claudia, To understand that, you need to see the video about printing checks. It's in the same advanced playlist as this video; it's # 17 in this playlist ua-cam.com/video/UH50TpKXWaA/v-deo.html I have a playlist and a video for everything. You can visit the channel page or just ask. I hope you will click "like" and subscribe. -Mark
After the full foundation and after the advanced playlist is bank reconciliation. Then wou will be an expert........ ua-cam.com/video/rVPMYw84UaE/v-deo.html You must do the full playlist in proper order and then you will knwo everything. -Mark
Thank you for sharing this wonderful video. I am wondering how creating an invoice reduced the balance of the bank account in step 1 ? I thought the amount that the bank deducted for the bounced check would have to be recorded seperately. Can you please help me to understand ? Thanks in advance!
Do I still nee to create a Payment check to Pay QB even though the fee was automatically taken out of the account or is that to just show the fee on the balance page?
Actually in the updated version, I put it the right way and use the expense window not to check windo In quickbooks desktop, the check window is the same as the expense window. But in quick books online, it's better to use the expense window. If you're not physically writing a check, you're just lowering the bank account for some fee. You can get all the advanced receivables and payables topics if you click on the top right corner of this video for the full advanced playlist. I have a video for anything else I hope you will click like after watching each one and subscribe to support the free channel for everyone Mark
What if the customer corrected the issue right away, before we even had time to make a new invoice. they gave us a new check and owner has deposited it to the bank? Can we just adjust the original invoice and show that a different check was used because the first one bounced? I do understand that the bank fee would have to be addressed separately if we choose to charge the customer.
Thank you Judith, Handling bounced checks is in this video....it's #11 in the advanced playlist. ua-cam.com/video/bFizN0C9gOI/v-deo.html I'm here if you need any follow-up questions and I hope if it helps you, that you will click "like" and subscribe. -Mark
You would use this exact method the same way it shows and only use this method for the one check that didn't clear The fact that the other checks cleared without a problem within the same deposit does not change the fact that this is the method to use and it will work perfectly
Hello sir Is it possible to do these steps in QuickBooks online for landlord Because I use expense option and I record bounced check amount in separate line and choose un earned rental income as account receivable ' category' then in second line category I choose bank charges as category then if I want charge the tenant I create invoice for nsf fees Am I correct or any advice because I have many bounced check this month
Thank you Abdo, In the quickbooks online for landlord's playlist, uneanred rental income is accounts receivable. So, just do the bounced checks in the way it shows heree, and keep in mind that uneanred is accounts receivable. Please confirm and tell me if it now works for you. Please be sure to watch the whole "quickbooks online for landlords" playlist. You must be consistend with ALL the proceedures in the playlist, not just some of them or nothing will work. ua-cam.com/video/C7ojKPXuaG4/v-deo.html Please watch them in proper order when you ahve time. The interface is a little out of date because the plus sign is now on the other side. Everything else should be clear. -Mark
@@worldwidequickbooks i watched all of it ( QBO FOR LANDLORDS ) but no video for bounced anyway I will use your technique ( invoice to decrease Bank balance and increase customer balance ) but now I have two different accounts of banks should I create two Items . Because in this video you created (customer bounced check ) item connected to bank account .
what if you have a customer that paid you a deposit and the deposit bounced but the payment amount was applied to the invoice through undeposited funds. and then the next month a check for the full amount cleared the bank how can the partial payment that bounced be removed from the invoice and the new full amount be shown as paid?
Tha bounced check proceedure shown here handles everything already. The fact that the original bounced payment was applied to an invoice is not relevant. That invoice is paid, and the new invoice for thye bounced check is unpaid. That's the way this proceedure works. -Mark
Good video. Couldn’t we have just created another line item for the NFS portion? That would reduce the bank account. This will mean that we don’t have to create the expense and other revenue to offset the NSF charge.
Thank you but then you would not have a record of what you earned by charging the client and what you paid to your ank for their nsf check. It's important to show that in your financial statements for full disclosure. -Mark
Don’t think you should use the check window when that NSF would have been automatically debited from your account. The expense widow would seem more suitable.
Yes that is true. The real truth is that you have a choice of the checks or expense window in any case because they do the same thing and have the same result. However, it's nice to have the check number in the filed named "check number" instead of "transaction number" if it's really a check and not a transfer. In QB desktop, it's the "checks" window for both and all. -Mark P.S. I hope youy will support the free chanlled and click "like" after watching eahc one and subscribe to keep the free help comming for everyone. -Mark
This doesn't work if you are tracking how much money you are making. It will now show that you made twice as much money from that customer because you sent them 2 invoices that are both paid
Hello my QuickBooks Online students. I made this video for QuickBooks online students who need to record customers bounced, bad checks. Any check that the bank returns as “not sufficient funds” should be managed and recorded in the way it is shown here. You must bill your customer for the N.S.F check by making an invoice in the amount of the returned bad check. When a customer or client bounces a check on you, you should add to the invoice an item from the items list that will charge a fee more than what the bank will charge us for someone else’s bad, bounced, N.S.F check.
hello again. is it okay to use Expense instead of Check when recording the bank fees for bounced checks?
That's actually the right way To Do it because the bank deducted its straight from your account.
I don't know why I chose To Do it that way When I made the video
However never fear,the revised version is coming soon and it will show recording an expense rather than a check for the bank fees..
Mark.
thanks for the reply. @@worldwidequickbooks
I real love your lessons and I want to be expert quick book.
First try the level 1 tutorial so you have a fill foundation...........
ua-cam.com/video/aoWghI3kvpc/v-deo.html
Then do the ADVANCED playlist in proper order................
ua-cam.com/video/1PL1xHBIOS4/v-deo.html
Thank you for sharing, your videos help me a LOT!, Jus one question. What happen with the check? because you save and close, so what about print? it doesn't affect the #checks or... I have little confusion about it
Thank yoy Claudia,
To understand that, you need to see the video about printing checks.
It's in the same advanced playlist as this video; it's # 17 in this playlist
ua-cam.com/video/UH50TpKXWaA/v-deo.html
I have a playlist and a video for everything. You can visit the channel page or just ask.
I hope you will click "like" and subscribe.
-Mark
Please tell me what to do to start your lessons
After the full foundation and after the advanced playlist is bank reconciliation. Then wou will be an expert........
ua-cam.com/video/rVPMYw84UaE/v-deo.html
You must do the full playlist in proper order and then you will knwo everything.
-Mark
Thank you for sharing this wonderful video. I am wondering how creating an invoice reduced the balance of the bank account in step 1 ? I thought the amount that the bank deducted for the bounced check would have to be recorded seperately. Can you please help me to understand ? Thanks in advance!
You may need a review of the basics on the items list but the video shows everything else that you would need
Do I still nee to create a Payment check to Pay QB even though the fee was automatically taken out of the account or is that to just show the fee on the balance page?
Actually in the updated version, I put it the right way and use the expense window not to check windo
In quickbooks desktop, the check window is the same as the expense window. But in quick books online, it's better to use the expense window. If you're not physically writing a check, you're just lowering the bank account for some fee.
You can get all the advanced receivables and payables topics if you click on the top right corner of this video for the full advanced playlist. I have a video for anything else
I hope you will click like after watching each one and subscribe to support the free channel for everyone
Mark
What if the customer corrected the issue right away, before we even had time to make a new invoice. they gave us a new check and owner has deposited it to the bank? Can we just adjust the original invoice and show that a different check was used because the first one bounced? I do understand that the bank fee would have to be addressed separately if we choose to charge the customer.
Thank you Judith,
Handling bounced checks is in this video....it's #11 in the advanced playlist.
ua-cam.com/video/bFizN0C9gOI/v-deo.html
I'm here if you need any follow-up questions and I hope if it helps you, that you will click "like" and subscribe.
-Mark
Then after then do pay, make another invoice to keep track of the payment?
No, just do it the way it shows here and the numbers will work perfectly and there is nothing additional necessary
Mark
What if the check was part of a bulk deposit? All the other item in the deposit cleared. How do you record this?
You would use this exact method the same way it shows and only use this method for the one check that didn't clear
The fact that the other checks cleared without a problem within the same deposit does not change the fact that this is the method to use and it will work perfectly
Thank you!
Hello sir
Is it possible to do these steps in QuickBooks online for landlord
Because I use expense option and I record bounced check amount in separate line and choose un earned rental income as account receivable ' category' then in second line category I choose bank charges as category
then if I want charge the tenant I create invoice for nsf fees
Am I correct or any advice because I have many bounced check this month
Thank you Abdo,
In the quickbooks online for landlord's playlist, uneanred rental income is accounts receivable. So, just do the bounced checks in the way it shows heree, and keep in mind that uneanred is accounts receivable.
Please confirm and tell me if it now works for you.
Please be sure to watch the whole "quickbooks online for landlords" playlist. You must be consistend with ALL the proceedures in the playlist, not just some of them or nothing will work.
ua-cam.com/video/C7ojKPXuaG4/v-deo.html
Please watch them in proper order when you ahve time. The interface is a little out of date because the plus sign is now on the other side. Everything else should be clear.
-Mark
@@worldwidequickbooks i watched all of it ( QBO FOR LANDLORDS ) but no video for bounced anyway I will use your technique ( invoice to decrease Bank balance and increase customer balance ) but now I have two different accounts of banks should I create two Items . Because in this video you created (customer bounced check ) item connected to bank account .
what if you have a customer that paid you a deposit and the deposit bounced but the payment amount was applied to the invoice through undeposited funds. and then the next month a check for the full amount cleared the bank how can the partial payment that bounced be removed from the invoice and the new full amount be shown as paid?
Tha bounced check proceedure shown here handles everything already. The fact that the original bounced payment was applied to an invoice is not relevant. That invoice is paid, and the new invoice for thye bounced check is unpaid. That's the way this proceedure works.
-Mark
Good video. Couldn’t we have just created another line item for the NFS portion? That would reduce the bank account. This will mean that we don’t have to create the expense and other revenue to offset the NSF charge.
Thank you but then you would not have a record of what you earned by charging the client and what you paid to your ank for their nsf check. It's important to show that in your financial statements for full disclosure.
-Mark
Don’t think you should use the check window when that NSF would have been automatically debited from your account. The expense widow would seem more suitable.
Yes that is true. The real truth is that you have a choice of the checks or expense window in any case because they do the same thing and have the same result. However, it's nice to have the check number in the filed named "check number" instead of "transaction number" if it's really a check and not a transfer. In QB desktop, it's the "checks" window for both and all.
-Mark
P.S. I hope youy will support the free chanlled and click "like" after watching eahc one and subscribe to keep the free help comming for everyone.
-Mark
This doesn't work if you are tracking how much money you are making. It will now show that you made twice as much money from that customer because you sent them 2 invoices that are both paid
I think you should look at this video again.
That's not what happens.
It works out perfectly if you do it this way
Mark