club_cafe: Bounced Member Check

iras1 on

Here's what you should have in your records.

1) Deposit of $50 from member. (Deposit that will bounce.)

2) Deposit of negative $50 from member. (Removes deposit when check bounces.)

3) Deductible expense of $20. (Bounced check fee. This is an expense of the club.)

4) Fee of $20 received from member. (If/When she reimburses the club for the bounced check fee.)

You can delete the $50 miscellaneous expense entry from the broker. It's not an expense, and bivio's AccountSync probably didn't know what it was.

Ira Smilovitz

In a message dated 03/15/08 1:33:13 P.M. Eastern Daylight Time, kittiecaldwell@bivio.com writes:

I took the $50 off of the member account in Bivio for the
bounced check. The stock company took the $50 from cash
misc. expense. So now it has been deducted twice in my
mind. It is off of her account but still there as a Misc.
expense. There was also a $20 fee for the returned check.
That is in the misc. expense column too. I want to enter
it as a fee from member when she pays the new check and fee.
I guess my question is "How do I deal with this Misc.
Expense column?

It's Tax Time! Get tips, forms and advice on AOL Money & Finance.

Kittie Caldwell on

Can I delete the $50 from the misc. expense in Bivio? If so, how? I have tried to find the right location all day to make this correction.

Kittie

----- Original Message -----

From: IraS1@aol.com

To: club_cafe@bivio.com

Sent: Saturday, March 15, 2008 2:18 PM

Subject: Re: club_cafe: Bounced Member Check

Here's what you should have in your records.

1) Deposit of $50 from member. (Deposit that will bounce.)

2) Deposit of negative $50 from member. (Removes deposit when check bounces.)

3) Deductible expense of $20. (Bounced check fee. This is an expense of the club.)

4) Fee of $20 received from member. (If/When she reimburses the club for the bounced check fee.)

You can delete the $50 miscellaneous expense entry from the broker. It's not an expense, and bivio's AccountSync probably didn't know what it was.

Ira Smilovitz

In a message dated 03/15/08 1:33:13 P.M. Eastern Daylight Time, kittiecaldwell@bivio.com writes:

I took the $50 off of the member account in Bivio for the
bounced check. The stock company took the $50 from cash
misc. expense. So now it has been deducted twice in my
mind. It is off of her account but still there as a Misc.
expense. There was also a $20 fee for the returned check.
That is in the misc. expense column too. I want to enter
it as a fee from member when she pays the new check and fee.
I guess my question is "How do I deal with this Misc.
Expense column?

It's Tax Time! Get tips, forms and advice on AOL Money & Finance.

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