Here is Ira's answer to a similar question asked in March
2008 and found by entering "returned check" into the search
field of The Club Cafe.  Simply change the amounts to fit
your facts.

Jack Ranby
Grants Partners Investment Club

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?




Annette Breedlove wrote:
> I had a member check return for nsf how do i post that and
> charge them the retun fee also