1 of 4
Slide 1 - QuickBooks 2014 Bounced Check Feature
In the Received Payment window you will notice the new ‘Record Bounced Check’ button on the transaction ribbon. Click the button to start the process.
2 of 4
Slide 2 - QuickBooks 2014 Bounced Check Feature
QuickBooks displays a window to capture the NSF information (fee, bank date, and fee you want to charge to your client, along with account and class information).
3 of 4
Slide 3 - QuickBooks 2014 Bounced Check Feature
The Bounced Check Summary Window provides information about all the details of the NSF related reversal.
4 of 4
Slide 4 QuickBooks Bounced Check Feature
After completing the process the Customer Payment window is again displayed, this time with a bright red “Bounced Check” notation posted, along with the total of the reversal and associated NSF fee.
Even though more businesses are relying on electronic forms of payment, a lot of QuickBooks users still take paper checks, and one problem with paper checks are that they sometimes ‘bounce’. QuickBooks users have long needed a better way to deal with insufficient Funds (NSF) checks within the software.
This new feature takes the ‘guess work’ out of how to properly record that the customer still owes your money; and that your bank has reduced your account by the insufficiency. This feature efficiently records the credit of funds to the bank account when a deposited payment is returned due to Insufficient Funds (NSF). It also optionally creates a credit to the bank for the NSF fee, and a new invoice to the customer for any NSF fee charged.
- To use this feature locate the originally recorded customer payment transaction. Within the Customer Center select the Customer you need and then filter the transactions on the right for Received Payments. When you find the payment, double click to open it. (Slide 1)
- When the Received Payment window opens, you will notice the new ‘Record Bounced Check’ button. Click the button to start the process.
- QuickBooks displays a window to capture the NSF information (fee, bank date, and fee you want to charge to your client, along with account and class information). (Slide 2) Click Next
- QuickBooks displays the Bounced Check Summary Window that provide information about all the details of the NSF related reversal. (Slide 3) Click Finish.
- QuickBooks returns to the Customer Payment window, but a bright red “Bounced Check” notation has been posted, along with the total of the reversal and associated NSF fee. (Slide 4)
Behind-the-scenes QuickBooks made a journal entry to correct the bank account, re-post the original amount to Accounts Receivable, and also invoice the $35.00 bank NSF fee to your customer.
If you ask me, this process is pretty slick with just a click or two. And best of all from an Accountant or ProAdvisor standpoint, the process is done the same way every time, for every QuickBooks user (assuming they use this new feature). Thanks Intuit for another great feature.