how do you process NSF checks coming back?

rj5570

I dont see a function to processing NSF checks.

How do other people do this. I have a couple of ways it cam be done, but was wondering if I was missing something.

rj

Savatage

We make a sales Journal Entry.

Document Date - Orig Date Of Inv
Document Type - Blank
Document No. - Original Inv# with "BC" (Bounced Check) added to it
Description - (example) BOUNCED CHECK#4533 - INV#248777
Amount - Original Inv Amount
Bal Acct Type - G/L Account
Bal Account No - is the Bank Checking/Cash account setup in g/l

This puts our paid inv back as open.
Now we enter a $35 Bounced Check fee too =;
Also enter comments on the customer card.

rj5570

ok i was doing the same thing

just suprise there is not a function

just thought i would throw it out there and see how other people are doing it

thanks!

rj

Alex_Chow

In Navision 5.0, you can Unappy Entries and then Reverse Transaction on the NSF check.

It's a standard function.

rj5570

but not in 4.0 right?

Alex_Chow

The unapply function is available in version 4.0 as well.

Savatage

Definately Not in 3.xx ](*,) ](*,). I just looked at Nav 2009..

From Being on 3.xx for 5 years all I can say is Oooooooooh Pretty!

I'm thinking of designing a few forms like that!

Sans the rounded edges of course :whistle:

Alex_Chow

Hey Harry, why not just upgrade to version 5.0?

Savatage

I'll give you a call when we do EDI Gen1 is killing me on out of network charges.

Nav works great for us, no need to fix what ain't broke. Plus I'm not in charge of all the $$$$$. [-o<

themave

Alex Chow wrote:

The unapply function is available in version 4.0 as well.

but un-applying the check is not the proper accounting function, making the entry like Savatage is the proper method, the original transaction and payment should stand alone, the nsf check is a separate transaction and should be recorded as such.

Savatage

Back in 2004 customer source explained it like this....
http://www.mibuso.com/forum/viewtopic.php?t=3680

But 3 entrys was alot and we really didn't care that much about Nailing all the Dates exactly as originally entered. So the one line method works for us.

Alex_Chow

themave wrote:

Alex Chow wrote:

The unapply function is available in version 4.0 as well.

but un-applying the check is not the proper accounting function, making the entry like Savatage is the proper method, the original transaction and payment should stand alone, the nsf check is a separate transaction and should be recorded as such.

Hmm... Debatable. I understand what you're saying in that the bounced check in itself is a separate issue from the original payment.

However, almost all of the cases, the customer always wants to have the entry reversed and have the original invoices be open again.

themave

Alex Chow wrote:

themave wrote:

Alex Chow wrote:

The unapply function is available in version 4.0 as well.

but un-applying the check is not the proper accounting function, making the entry like Savatage is the proper method, the original transaction and payment should stand alone, the nsf check is a separate transaction and should be recorded as such.

Hmm... Debatable. I understand what you're saying in that the bounced check in itself is a separate issue from the original payment.

However, almost all of the cases, the customer always wants to have the entry reversed and have the original invoices be open again.

I understand that, and don't really have a problem with it, that is one reason to like Savatage solution of using the document number be oringal invoice number plus BC works, customer gets a statement, they see the invoice number as open, internal users see the bounce check entry and quickly know where it belongs to. or us, if the nsf check is not made good by the customer and we turn it over to the local district attorney, they collect on the nsf check, not the invoice. From the legal perspective, when they gave you the first check, they paid the invoice, when it bounced, they committed fraud against you.