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How to record Direct Debits that have been dishonoured?

 
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Sooieq



Joined: 18 Nov 2009
Posts: 3

PostPosted: Sat Apr 30, 2011 3:41 pm    Post subject: How to record Direct Debits that have been dishonoured? Reply with quote

Hey All,

The business that I do the books for have been having some financial problems for some time, I was recently doing reconciliation for the month of March and discovered a lot of direct debits from their business account have been dishonoured e.g Insurance payment of $840 was debited and then as they did not have the funds in the account it was credited back the next day. How do I record these transactions? There are so many of them that I stopped doing the rec so I can find out the best way to record them.

Any advice would be much appreciated Smile

Thank you

Sue
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Lynne



Joined: 23 Sep 2008
Posts: 237
Location: Brisbane

PostPosted: Thu May 05, 2011 9:53 pm    Post subject: Reply with quote

Go to the Preferences - Security and change the first preference to Transactions must be reversed
on the Bank rec, open up each of the debits and Edit - Reverse. Date the reversal to the date the payment bounced back and then you can reconcile your account. (Change your preference back when your done)
Lynne
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