QUESTION:
How do you post the repayment of a Returned Check?
PROCESS:
From JE’s > Return Check
Use this journal entry to post a Returned Check repayment amount back to the accounts. Note: If you post a receipt for the repayment amount, do not post a Repayment “Y” JE. Posting both a receipt and a “Y” entry will cause an out of balance situation.
We also recommend listing each re-deposit on a separate deposit slip. The Returned Check “Y” JE Proof Sheet may be used for the deposit documentation.
Enter a Transaction Date.
The default is the current date, but this can be changed to reflect the actual date of deposit.
The transaction date cannot be outside of the fiscal year.
Select Returned Checks Not Repaidon right side of screen.
Click on the drop-down arrow to select the check collected from the list of previously posted returned items.
Click the Tab key.
The original Returned Check Amount and Post To and Offset Accounts will quick fill for this entry on the left side of screen
The Amount will automatically display the original returned check amount.
The Post to Account will automatically display the account number and name of the original account that was charged for the returned check.
The Offset Account will automatically display the correct cash (checking) account number.
Automatically inserts the event code if included in the "N" entry.
Automatically inserts the event code if included in the "N" entry.
The Reference(description) will automatically display the reference from the Repayment “N” Journal Entry.
A good practice is to add the word “Repaid” to the end of this description.
Repayment will be “Y”.
IMPORTANT: The Repayment field indicates whether the amount should be deducted from the account (debit) or added to the account (credit).
Repayment = N means deduct money for a chargeback debit
Repayment = Y means add money for a repayment credit
Enter any Additional Comments/description for this JE not entered in the reference field. This information will print only on the proof sheet.
Click the Preview button to display a proof sheet preview.
Verify - Is all the information correct on the JE proof sheet preview?
If Yes – click the Post and Generate Final Proof.
If No – navigate to JE’s > Return Check again to clear the screen and start over.
When the final Journal Entry Proof Sheet displays, the JE is posted and the JE # is assigned.
Be sure to click on the printer icon to print the JE Proof Sheet for your records.
The JE Proof Sheet can be reprinted from the Review JE’s screen.
Note: This type of Journal Entry can be voided through the Void JE screen.
Related Articles
How to Reprint a Journal Entry Proof Sheet
How to Get a List of Returned Checks NOT Repaid