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How To Handle Bounced Checks In QuickBooks Online 2016 - YouTube
Channel: FitSmallBusiness
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welcome to the fit small business
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QuickBooks Online training course in
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this lesson we're going to cover how to
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handle bounced checks from customers and
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quickbooks online to follow along with
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me login to your quickbooks online
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account now or click the link below for
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a free 30-day trial of quickbooks online
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you can also click this link to access
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our full quickbooks online course and
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other helpful resources let's get
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started when you deposit a check that
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you received from a customer and they
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are not enough funds in their bank
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account the check is returned to your
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bank due to non sufficient funds to pay
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the check sometimes it can be a real
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hassle because you are penalized by your
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bank who will charge you a fee for the
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bounced check in addition you've got to
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contact your customer and either have
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them write you another check or provide
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another form of payment in this lesson
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we'll walk through how to correctly
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handle bounced checks when a customer's
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cheque bounces it impacts several things
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your bank account is reduced by the
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amount of the check your accounts
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receivable will increase since the
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customers payment did not go through and
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the bank charges you a fee for the
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non-sufficient funds in an effort to
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avoid these fees and ensure that your
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financial statements are accurate we
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will walk through step by step in this
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lesson to show you how to record a
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transaction in QuickBooks for each of
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these from the home page click on the
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plus sign and go ahead and select check
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right below the vendors column the write
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check window will display and in this
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screen we will go ahead and enter the
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information for the customer that
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bounced a check and this first field from
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the drop-down you want to go ahead and
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select the customer in the next field
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you want to go ahead and select the bank
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account where the bank where the check
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bounced for the payment date we want to
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go ahead and enter the date the check
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was returned in the account field we
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want to go ahead and select the accounts
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receivable account
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in the description field we'll go ahead
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and enter the bounced check information
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so bounce check and then the check
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number will suffice here and then we'll
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go ahead and enter the amount of the
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bounced check do not include the NSF fee
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charged by the bank here we will enter
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that in the next step and the check
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number field go ahead and put NSF so
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remove the check mark for print later
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and type in SF in the check number
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fields once you have completed all the
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fields we'll go ahead and save and close
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this last but not least if you want to
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add some additional information in this
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memo field you can do that next thing we
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want to do is record the NSF fee that
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the bank is going to charge you from
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the home page go ahead and click on the
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plus sign at the top below the vendors
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column we want to select expense the
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expense window will display and we'll go
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ahead and complete these fields so in
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this first field the payee will be the
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bank that is charging the fee in the
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next field we want to go ahead and
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select again the bank account where the
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check bounced
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and the payment date will be the date
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that the check was returned and the
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reference number field over to the right
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go ahead and enter a bank NSF fee in the
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account field you want to select an
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account that is called a bank fees if
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you don't have a bank charges or a bank
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fees account you can set one up in this
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screen by going ahead and scrolling up
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to the top and clicking on add account
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or add new in the description you'll go
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ahead and enter NSF fee and then enter
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the amount that the bank charges you
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here once all the fields are completed
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we'll go ahead and save and close this
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and then the final step that we want to
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do is we want to go ahead and build a
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customer for the NSF fee now note that
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this step is optional however I
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recommend that you build your customer
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for the NSF
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see that you were charged by the bank
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some businesses may charge a little bit
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more for the inconvenience but that's
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totally up to you to build a customer
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for the NSF fee from the homepage we'll
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go ahead and click on the plus sign at
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the top and below the customers column
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go ahead and select invoice and the
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create invoice window will display and
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we'll go ahead and complete these fields
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to build our customer so we're gonna
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build our customer Bridget O'Brien and
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I'd recommend that the terms are due
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upon receipt you don't want to give
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additional terms for something like this
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for products and services you want to
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set up an item on your items list call
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customer NSF fee so from the drop-down
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you can do this by clicking on the add
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new option here and setting up customer
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NSF fee and the description you want to
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be sure that you provide a description
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so the customer is aware of what you are
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charging them so something like fee
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charge for return check number I will be
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sufficient here and then as far as the
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amount at a minimum as I said earlier
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you can charge with the bank charge you or
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you can charge a little bit more it's
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it's definitely your call on this I
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would also in the message box in the
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lower left hand corner put a descriptive
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message here that lets the customer know
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they need to provide you with a
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replacement check and they also need to
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remit payment for this NSF fee
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once you have completed all the fields
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we can go ahead and save and close this
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invoice to gain a better understanding
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of how recording bounce checks impacts
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your accounts and your financial
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statements click this link to walk
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through the step-by-step written lesson
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that wraps up the lesson on how to
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handle bounced checks from customers and
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QuickBooks online to access our full
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QuickBooks Online course or any of the
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other lessons in this series click this
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link you can also find a link below this
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video for a free 30-day trial of
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QuickBooks Online if you have feedback
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about this course or if you have any
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questions please leave a comment below
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