How to Record Bounced Check in Quickbooks
We received a Question from
"ExpertWandaB" in our Forum Posting
We have a customer whose check bounced for “insufficient funds”
This was discovered after receiving a bank statement and reconciling our records.
How do you properly record this problem so that it can be reconciled a bank statement?
Also, how do you indicate a credit for payment to the customer when the bank finally clears a bounced check?
Thanks in advance.
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OUR RESPONSE
Create a chart of accounts called "Bounced Checks" as an Accounts Receivable.
Make journal entries from bank account to this new account to record money going out and coming back in.
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