Intuit’s online accounting software, QuickBooks Online (QBO), allows users to record checks that are returned due to insufficient funds in the bank account as bounced checks so that they do not have to re-enter the information every time it happens, saving time and preventing data entry errors. In this article, we will show you how to add bounced checks to your QBO account so that you can avoid late fees on your account and avoid making any mistakes when it comes time to pay your bills.
What is the difference between Received Payment and Cleared Payment?
Received Payment is the date that your bank credited your account with the amount of the check. Cleared Payment is the date that the funds from the check were made available at your bank.
What is the difference between checking, ACH, and wire payments?
The difference between checking, ACH, and wire payments is that checks are used when you have to pay someone who doesn’t accept electronic payments or if you need to pay with a check for whatever reason. ACH transfers are typically used for recurring bills like your utility bill. Wire transfers are typically used when sending money internationally.
How do I enter my bounced check in QuickBooks Online?
To enter your bounced check in QuickBooks online, click on the Accounts tab at the top of the screen and then select Write Checks from the drop-down menu. In the new window, enter the name of your bank and account number in the ‘Payee’ field and then enter in the amount for which you wrote this check.
I received payment but it does not appear on my online bank statement or transaction history.
If the payment does not appear on your bank statement or transaction history, then it has been recorded as a bounced check. Please log into QuickBooks and click on the Bank tab. From there, you will be able to see any of the checks that have been recorded as bounced in the list view below. If you need more information about any of these checks, click on them and they will appear in the detail view. Once you have found the check that was paid but showed up as a bounced check in your list view, click View Transaction Details from within the detail view for more details about this particular check including what caused it to be recorded as such.
My bank charged me for receiving this bounced check. Where can I record this charge?
If you want to record this charge, you need to log into your QuickBooks account and go the Company tab. From here, click on the Accounting tab and then select Bank Feeds. From the right-hand side of the screen, scroll down until you see a list of banks. Double-click on your bank’s name and then hover over the bounced check that you received. From here, click on Receive Item and then make sure it says Yes under Did You Receive This Item?
Where do I record this refunded payment?
1) Go to the Enter Transactions tab and select Deposits.
2) Click on the deposit that you want to refund.
3) Select the Refund Payments option from the drop-down menu in the upper right-hand corner of the screen.
4) Click on the checkbox next to all of the checks that you would like refunded and click Next.
5) Select which account will receive this refund by selecting it from one of your bank accounts or using another QuickBooks account.
6) Enter an amount for each check that will be refunded and confirm that you are okay with having your bank send this amount back as a credit.