Frank R. Knight, C.P.A.

 

 

NSF Checks Preferred Method

 

This method is recommended due to the impact on the sales and sales tax reporting and includes the following steps:

 

1)      Record the bank's charge for the returned check in the bank account register.

2)      Record the money taken out of your account for the NSF check in the bank account register.

3)      Enter a statement charge for the NSF Fee.

4)      Send the customer a statement which includes the NSF check and the NSF fee.

 

Record Bank Service Charge

 

1)      Click the Chart of Accounts icon on the Company navigator or select Company: Chart of Accounts from the menu.

2)      Double-click on the appropriate bank account to display the account register.

3)      Enter the bank's name as the Payee.

4)      Enter Bank Service Charges as the Account.

5)      Enter remaining customer information in the account register memo field.

6)      Click Record.

 

Record NSF Check

 

1)      Click the Chart of Accounts icon on the Company navigator or select Company: Chart of Accounts from the menu.

2)      Double-click on the appropriate bank account to display the account register.

3)      Enter the bank's name as the Payee.

4)      Enter Bank Service Charges as the Account.

5)      Enter remaining customer information in the account register memo field.

6)      Click Record

 

Statement Charge for Fee

 

1)      Select Customers: Enter Statement Charges from the menu.

2)      Click the dropdown list next to Customer: Job and select the appropriate customer/job.

3)      Use the item called NSF Check Fee as the line item.

4)      Enter the remaining information in the customer register.

5)      Click Record.

 

Send Statement

 

1)      Click the Statements icon on the Customers navigator or select Customers: Create Statements from the menu.

2)      Enter the appropriate information in the Select Statements to Print window.

3)      Click OK.

4)      Click Print.