Wondering the same. I feel that's the only thing that was left to cover. I supposed that these could/should be recorded in the bank as vendor, and 'bank charges and fees' as category, maybe? since now this particular record is not meant to affect the customer's balances.
Hello Hector, When you download the bank feed, is there an options subtract the bounced check and fee from the account using the add function, or must you place the transaction in manually like you have explained in the video?
Thank you so much for posting this it worked like a dream. How do you handle the opposite scenario? A payment issued to a vendor via QBO bill pay but then a stop had to be put on the payment. QB undoes the original payment which throws off the reconciliation if the payment was made in a prior period. How do I record what happened without it looking like we paid the vendor twice?
Hi Hector, thank you so much for putting this video together! I have a $1,200.00 check that was deposited and matched to an open invoice, later the bank adjusted the check since the customer didn't write out the word "two hundred" on the check. Now I have the negative $200 in my QB under "Review" and not sure what to do with it. Any help would be greatly appreciated. Thank you!
The bank downloads the bounce check amount in review, do I delete this since I have already added this into the register, because I see no way to match up the one I created with the one that was downloaded. If so, might want to change your video to add that or it is in there twice
Thanks Hector, I did this and the accounts are fine, but now I have a negative balance in unapplied cash payments that show up for each of the bounced check transactions that I have done. They both point back to the bounced check invoices. How do I clear that?
What do you do if it is a taxable item? I have sales receipts with returned checks for taxable service items. Everything I've seen when researching has to do with invoices for nontaxable items.
This is super useful information. I've seen how different accountants recommend handling this. However, there's still a couple things I don't understand. How do you decrease the bank balance for the total amount of the bounced check? Since the bank has subtracted this amount from the bank account? (some accountants recommend writing and check to decrease the amount) Using your method, will this be done thru the service created BOUNCED CHECK? I like your method but I do not fully understand it. Also, when reconciling for that month how should the subtracted amount from the bank be categorized?
Please understand the logic behind using Income account >> selecting your bank account as income account. If you understand it you will understand every magic happening behind the scene.
How do I process a bounced check against a sales receipt? This method doesn't work when there is no invoice to un-apply payment to. The only option I have is to amend the bank deposit, which is not going to work.
Hola, tengo un problema espero me pueda ayudar. Antes de preparar un cheque para un vendor me di cuenta que la descripcion del cheque que anteriormente le habia imprimido no contenia en la descripcion el mes correcto al cual el pago correspondia. Asi que adheri el mes en la descripcion y presione save, este cheque ya habia sido cobrado y reconciliado. Despues imprimi el cheque para el pago de este mes por la misma cantidad. Mas tarde aparecio de nuevo el cheque que modifique en las transacciones pendientes a ser reconciliadas con la fecha en que originalmente fue reconciliado pero en records found esta el numero de cheque que imprimi despues el cual no a sido entredado aun. Presione find other records pero no esta el cheque correcto el que ya fue cobrado. En el audit history del cheque aparece la fecha que lo imprimi y reconcilie como printed, pero la fecha que lo modifique como not printed. Espero exista una solucion. Quickbooks online
Si ya llame. Su opcion es siempre que comparta la pantalla con ellos por medio de glance, sabe que tan seguro es y si tienen permitido tomar screenshots de la pantalla?
Hector, I ran into a problem and would like your input. When I sell custom orders I receive shipping at that time. the problem is that when the money comes into the checking account it gets used for bill or material and sometimes that shipping money gets spent. I would like to create an account to put that money for shipping into so the checking account balance does not show the shipping money received in. Is there away to do this ??? Thank you.
System error message while coding bounced check as service item>> Something’s not quite right You can't associate a product or service with accounts of certain types (such as Accounts Receivable and Accounts Payable). If the product or service is something you sell, use an income account. If the the product or service is something you buy, use an expense account.
New to QB, and this was the most clear, simplest, plainly stated and well laid out instructions THANK YOU!!!
Perfect. Just helped me fix the first bounced check I received from a client. Thank you for going step by step, I was totally able to fix my books.
Awesome
Great step by step tutorial -- how/where is the 'returned check' in the QB bank feed allocated to?
Wondering the same. I feel that's the only thing that was left to cover. I supposed that these could/should be recorded in the bank as vendor, and 'bank charges and fees' as category, maybe? since now this particular record is not meant to affect the customer's balances.
Thank's a bunch Tocallo, this is very helpful to correct my first bounce check.
Hello Hector,
When you download the bank feed, is there an options subtract the bounced check and fee from the account using the add function, or must you place the transaction in manually like you have explained in the video?
No:. Everything downloads, but you can exclude manually
Thank you so much for posting this it worked like a dream. How do you handle the opposite scenario? A payment issued to a vendor via QBO bill pay but then a stop had to be put on the payment. QB undoes the original payment which throws off the reconciliation if the payment was made in a prior period. How do I record what happened without it looking like we paid the vendor twice?
Probably a Journal Entry to reverse the bank entry against the duplicated expense
Does this same method work for a disputed payment through the Merchant Service Center?
just the answer I was looking for! thanks Hector
How do you manage a bounced check you wrote?
Thats a different workflow i have to make a video about that
Is there any other options to use in the system? which not appear in the sales invoices record
Thank you!
How come when I connect the bounced check to the bank it is not appearing in the bank register? Am I missing something?
Can we send the same check we created in QB to vendor's email id directly?
Thanks for posting hector
Hi Hector, thank you so much for putting this video together! I have a $1,200.00 check that was deposited and matched to an open invoice, later the bank adjusted the check since the customer didn't write out the word "two hundred" on the check. Now I have the negative $200 in my QB under "Review" and not sure what to do with it. Any help would be greatly appreciated. Thank you!
how to do the other way around, when I paid with a check from my company and it bounced because I have no money in my account?
Make the deposit (the bounced check money coming back) the same category/expense as the check
You are a life saver. Thank you for posting this.
The bank downloads the bounce check amount in review, do I delete this since I have already added this into the register, because I see no way to match up the one I created with the one that was downloaded. If so, might want to change your video to add that or it is in there twice
Different people have different experiences based on how their bank does the transactions.
Thanks Hector, I did this and the accounts are fine, but now I have a negative balance in unapplied cash payments that show up for each of the bounced check transactions that I have done. They both point back to the bounced check invoices. How do I clear that?
Run a Accrual based report, and you wont see that
what about when my company has insufficient funds
?
What do you do if it is a taxable item? I have sales receipts with returned checks for taxable service items. Everything I've seen when researching has to do with invoices for nontaxable items.
This is super useful information. I've seen how different accountants recommend handling this. However, there's still a couple things I don't understand. How do you decrease the bank balance for the total amount of the bounced check? Since the bank has subtracted this amount from the bank account? (some accountants recommend writing and check to decrease the amount) Using your method, will this be done thru the service created BOUNCED CHECK? I like your method but I do not fully understand it.
Also, when reconciling for that month how should the subtracted amount from the bank be categorized?
Follow the instructions on the video step by step
Please understand the logic behind using Income account >> selecting your bank account as income account. If you understand it you will understand every magic happening behind the scene.
@hector will the reverse of this work for vendors and bills ? when a payment is reversed
Yes
Hey Hector, how do we record bounced check for advance payment to vendors?
I don’t have a video on that.. I’ll add it to the list.
How do I process a bounced check against a sales receipt? This method doesn't work when there is no invoice to un-apply payment to. The only option I have is to amend the bank deposit, which is not going to work.
Just enter a check against the same income acccount
Hola, tengo un problema espero me pueda ayudar. Antes de preparar un cheque para un vendor me di cuenta que la descripcion del cheque que anteriormente le habia imprimido no contenia en la descripcion el mes correcto al cual el pago correspondia. Asi que adheri el mes en la descripcion y presione save, este cheque ya habia sido cobrado y reconciliado. Despues imprimi el cheque para el pago de este mes por la misma cantidad. Mas tarde aparecio de nuevo el cheque que modifique en las transacciones pendientes a ser reconciliadas con la fecha en que originalmente fue reconciliado pero en records found esta el numero de cheque que imprimi despues el cual no a sido entredado aun. Presione find other records pero no esta el cheque correcto el que ya fue cobrado. En el audit history del cheque aparece la fecha que lo imprimi y reconcilie como printed, pero la fecha que lo modifique como not printed. Espero exista una solucion. Quickbooks online
De verdad que tendría que verlo...
Llamaste a tech support?
Si ya llame. Su opcion es siempre que comparta la pantalla con ellos por medio de glance, sabe que tan seguro es y si tienen permitido tomar screenshots de la pantalla?
I didn't see what we would do if we charge MORE than what the bank fee is. Can you explain?
that was not convered.. you just invoice whatever you want to invoice for that
Hector Garcia CPA it can be on that same invoice? another line item named as?? admin fee?
Yeap
hi, Instead of make a bouncer, you cannot void the payment and create a new invoice with the bank charge fee?
John Castaneda no.. because the old invoice needs to be marked paid as well
Hector, I ran into a problem and would like your input. When I sell custom orders I receive shipping at that time. the problem is that when the money comes into the checking account it gets used for bill or material and sometimes that shipping money gets spent. I would like to create an account to put that money for shipping into so the checking account balance does not show the shipping money received in. Is there away to do this ??? Thank you.
I think I would have to see it.. I can’t follow
Very helpful! Thanks Hector
Glad you found it useful
System error message while coding bounced check as service item>>
Something’s not quite right
You can't associate a product or service with accounts of certain types (such as Accounts Receivable and Accounts Payable). If the product or service is something you sell, use an income account. If the the product or service is something you buy, use an expense account.
Usted tiene tutorial en español
AAA FARIA ua-cam.com/video/qFDsTe2qCN4/v-deo.html