Bounced Check Entries

There are two things you need to account for if a member gives you a check which bounces.

First, undo the payment which was originally credited to the members account.

To do this, enter another payment, but enter it for a negative amount. For the transaction date, use the date the check was returned. For the valuation date, make sure to use the same valuation date as the date you used when the original payment was recorded.

Make these entries using the payment link you'll find next to the members name on the Accounting>Members page. If AccountSync has brought in an Identify Debit transaction for the bounced check amount, you should just delete it.

Second, account for any bounced check charges.

Enter the charge as a deductible club expense.

Make this entry using the Expense button you'll find on the Accounting>Accounts page or by picking "Expense" from the dropdown menu on an AccountSync Unidentified Debit transaction. Make sure NOT to allocate the expense equally (per partnership exception)

If the member gives you a new check and reimburses the club for the bounced check charge, there are more entries to make.

Enter the new check as a new member payment using whatever valuation date your club decides is appropriate. You can use the original valuation date if you'd like. Make this entry using the payment link next to the members name on the Accounting>Members page or by selecting Single payment from the dropdown menu on an AccountSync Identify Credit entry.

Enter any reimbursement for the bounced check charge as a fee using the fee link you will find next to the members name on the Accounting>Members screen or by choosing "Single Fee" from the choices on an AccountSync Unidentified Credit transaction.