Making a Payment Adjustment for a Returned Check

The Payment Adjustment Input window enables you to make standard payment adjustments, as well as adjustments for checks returned by the bank due to insufficient funds. More...More...

Selecting a personal check, mail-in check, traveler’s check, or post-dated check in the transaction grid activates the Returned Check button. When you identify a payment as a returned check, the Financial Functions — Adjustments window includes the option to post an NSF charge.

The default amount for the NSF charge is set up in the System Options window in Maintenance Set-up. See System Options for more information.

To make a payment adjustment for an NSF check:

  1. Select the Payment Adjustment option button in the Financial Functions — Adjustments window. The payments available for adjustment are displayed in the center of the Financial Functions — Adjustment window.

  2. Select the payment you want to adjust. A default comment is displayed in the Comment section. Add your own comment at the end of this comment, or select the comment and replace it with another comment.

  3. Click Returned Check. The Returned Check window is displayed, showing a description of the payment and all accounts that are affected by the adjustment.

  4. Click OK to post the adjustment and update all accounts indicated in the window. Click OK a second time and the responsible party displayed in the window is assessed the NSF charge.

  5. An NSF charge can be changed to a different dollar amount or changed to zero by entering the new amount in the NSF Charge Amount field.

  6. After making a payment adjustment for a returned check, the check is grayed out on the Financial Functions window, as well as in the ledger.

If you click Cancel, the software does not post the adjustment and returns you to the Payment Adjustment input section.

If a payment is adjusted before a statement is generated for the account, neither the payment nor the adjustment is displayed in the ledger section of the statement; however, any NSF charge is included.

 

Related Topics

Making a Payment Adjustment

Hints and Tips for Payment Adjustments