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vive
Level 1
posted
‎December 29, 2023 04:15 PM
last updated ‎December 29, 2023 4:15 PM

How to fix rejected bank transfer

Hi,

 

Here is my scenario.  I would be grateful for assistance in how to account for this properly in Quickbooks online:

 

1.  Invoiced customer $200 for service

2.  Customer paid via Quickbooks online bank transfer ($200 was transferred to my bank account)

3.  Online bank transfer was later rejected by the bank (probably due to insufficient funds or customer chargeback - it is not clear to me).

4.  I was notified of this and fixed the entry by following the instructions here exactly: https://quickbooks.intuit.com/learn-support/en-us/help-article/banking/handle-rejected-failed-bank-t... 

5.  Then the customer's bank deducted $200 from my account

 

The instructions in the link above (Step 4) do not instruct me on how to deal with the $200 that was later deducted from my account.  How do I properly account for the -$200 charge to my bank in QBO?

 

Thank you in advance for any guidance.

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2 Comments 2
Service
Level 6
‎January 01, 2024 07:57 AM

How to fix rejected bank transfer

These one-off situations have a lot of solutions, and you can choose whatever you want if you feel comfortable with it. 

 

If I received a payment that was later rejected, I would just delete the payment, and that would restore the balance due for the invoice. For the bank download when that amount comes in and out, I would just click on exclude, if the in/out amounts are the same. 

 

You could get really detailed in how you treat this type of issue with a huge paper trail, but I don't think it is necessary. 

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vive
Level 1
‎January 03, 2024 06:58 PM

How to fix rejected bank transfer

Thank you for the reply.  I would love a simple solution, however there are also fees I have paid in relation to this, including the QBO bank transfer fee on the original $200 payment (which is not reversed if the payment is later disputed).  There is also a chargeback fee.  I have to account for these fees, and it seems odd to put them in QBO without any record of the payment and subsequent payment reversal.

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