August 19, 2022
Sometimes for one reason or another, knowing how to record a returned checks in QuickBooks may come handy. If you don't know how to do this, it might seem complicated, but it's actually quite easy. This short guide will explain how to record returned checks in QuickBooks in 2022 and give some tips on how to handle some other similar transactions.
If you have a returned check and want to record it in QuickBooks Desktop, all you need to do is follow four simple steps. Keep in mind that QuickBooks will update the registry and all of your reports, such as profit and loss statements, accordingly.
Here is how to do it.
1. Go to Banking>Deposits & Payments>Deposits.
2. Click on the name of the deposit type where you want to record the returned check.
3. Enter the date of the transaction in the Date field and then click on the Amount column for the Amount field and enter the amount of the returned check here.
4. Click the Save & New button if your balance is not zero, or else click the Close & Clear button if your balance is zero. The next time you start QuickBooks Desktop, this transaction will be automatically added to your register
The process for recording a returned check in QuickBooks online is nearly identical. You will follow the same prompts discussed above; the only difference is that you won’t need to close or restart the software in order to see the changes take effect. Instead, log out of your account, and when you log back in, the register will be updated. You will also notice that your profit/loss statements have been updated to reflect the QuickBooks returned check.
You can quickly and easily record a single check that was returned from a customer or vendor by clicking on the My Account tab and choosing the Payments section. You'll see a list of all your bounced checks here, along with other pending payments that have not yet cleared the bank account. Select the payment you want to record as having been returned and click on Record Bounced Check at the bottom of the page. That’s all there is to it. QuickBooks will update the register accordingly.
The process of recording returned or bounced checks in QuickBooks Desktop or QuickBooks online is not that difficult once you know how to do it. Fortunately, if you follow the advice contained in this short guide, you shouldn't encounter too many problems. However, if you need additional support or assistance throughout the process, you can always contact intuit customer support for help.
LiveFlow is one of the best business accounting tools available on the market in 2022. With easy-to-use templates and numerous features that simplify the process of managing your business finances, LiveFlow can save your company time, money and stress. Best of all, you can explore all of the great features for free with a 30-minute demo. So, if you are ready to take charge of your business finances, then be sure to check out LiveFlow today.