What to do if a check is returned for NSF?

Enter a Memo to indicate the check was returned for NSF. Select Save & Close. Do this step ONLY if the vendor charges you for the overdraft fee. From the Vendors menu, select Enter Bills. Enter the Vendor name. On either the Expenses Tab or the Item Tab, enter the overdraft charges with the appropriate account or item.

How to record a bounced NSF check on payment?

Under Debit, enter the amount of the bounced check. Under Memo, enter a notation explaining the reason for the journal entry. In the Name column, select the customer name.

How do I Close an overdraft on a NSF bill?

From the Vendors menu, select Enter Bills. Enter the Vendor name. On either the Expenses Tab or the Item Tab, enter the overdraft charges with the appropriate account or item. Enter a Memo to indicate that these are charges for an NSF bill payment check. Select Save & Close.

When to notify a debtor of a returned check?

Please send us a cashier’s check or money order in the amount of $140.00 ($125.00 + $15.00 returned check fee) no later than March 31, 2019. If you have any questions about this, please call me at 555-5555. Thank you for your cooperation. Copied!

How much does a bounced NSF check cost?

Whether you write or receive a bounced check — also called a nonsufficient funds, or NSF, check — it will cost you. Write one and you’ll owe your bank an NSF fee of between $27 and $35, and the recipient of the check is permitted to charge a returned-check fee of between $20 and $40 or a percentage of the check amount.