Reconcile Bank Account
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Reconcile Bank Account
In Sept. I wrote a check for $79.00, the bank cashed it for $49.00. I contacted the bank and they said they would debit our account for $30.00, that would show in Oct. How should I record this?
Re: Reconcile Bank Account
I'm assuming that this was a payment of some kind? The company it was written to only received 49.00 when the bill was actuall 79.00?? How did you pay the rest of the amount due? Is that the $30.00 debit from the bank?Patricia wrote:In Sept. I wrote a check for $79.00, the bank cashed it for $49.00. I contacted the bank and they said they would debit our account for $30.00, that would show in Oct. How should I record this?
My initial thought is for you to reverse the original check, and re-enter the check using the same data (date, payee), but making the amount 49.00. The create a manual check dated 1st October for the $30.00
However, not knowing what the payee did and what you then did to insure they got paid, its hard to give any other advice.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Reconcile Bank Account
Yes, a check for a payment of $79.00. The bank said they would debit our account for the $30.00 and see that it went into the account of the company that was supposed to receive it. So I could change the original check to $49.00 as you suggested, but how do I show the $30.00 debit which will appear on the next bank statement. The check was written in Sept. and the debit would be on the Oct. statement.
Re: Reconcile Bank Account
As I mentioned, you would create a manual check for the direct debit dated October 1st. It would be made out to the original payee, and you'd use the same expense account as the original check, and use EFT as a check number.Patricia wrote:Yes, a check for a payment of $79.00. The bank said they would debit our account for the $30.00 and see that it went into the account of the company that was supposed to receive it. So I could change the original check to $49.00 as you suggested, but how do I show the $30.00 debit which will appear on the next bank statement. The check was written in Sept. and the debit would be on the Oct. statement.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Reconcile Bank Account
Okay, got it, thank you!