Reconcile Bank Account

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Patricia
Posts: 121
Joined: Mon Mar 21, 2016 5:35 pm

Reconcile Bank Account

Post by Patricia »

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?

NeilZ
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Location: Dexter NM
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Re: Reconcile Bank Account

Post by NeilZ »

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?
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?

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.

Patricia
Posts: 121
Joined: Mon Mar 21, 2016 5:35 pm

Re: Reconcile Bank Account

Post by Patricia »

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.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Reconcile Bank Account

Post by NeilZ »

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.
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.
Neil Zampella

Using PC+ since 1999.

Patricia
Posts: 121
Joined: Mon Mar 21, 2016 5:35 pm

Re: Reconcile Bank Account

Post by Patricia »

Okay, got it, thank you!

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