How to Enter a Returned Cheque and Charge the Tenant for the Additional Fees
You can watch the video procedure or follow the instructions below.
1. Go to the “Accounting” tab and the “Collections” subtab.
2. Tick “Balance at Zero,” and select the correct month to see the collection of the tenant with a returned cheque.
3. Move your mouse between the “Amount” column and the “Balance” column, and click on “+” and on “Returned Cheque.”
4. Select the return date. If it is returned in a different month from the original rent payment, you will need to enter the payment with the rent payment for the following month.
5. Select your financial institution in the “Bank Fees” section, or create it by clicking on “+.”
6. Enter the amount in the “Bank Fees” section, and enter it again in the “Reinvoice Bank Fees.”
7. Click on “Finish.”
There should be four rows for this collection. One for the initial rent payment, one for the returned cheque, one for the rent, and one for the bank fees. The balance should be the rent and the bank charges combined.
8. When you receive the payment, enter the date of payment in the row for the rent (3rd), the payment method, and the amount (the entire balance, not just the rent).
9. If a dialog box appears, click on “Do not distribute.” Then, the balance should be at zero.
You have now entered a returned cheque and charged the tenant for the additional fees.
Transcription of the Subtitles
Here is how you enter a returned cheque and charge the tenant for the additional fees.
Go to the “Accounting” tab and the “Collections” subtab, and tick “Balance at Zero” to see the collection with the returned cheque. Of course, make sure that you have selected the right month.
Now, place your mouse between the “Amount” and “Balance” columns.
Click on the plus sign, and then click on “Returned Cheque.”
There, select the “Return Date” of the cheque.
The supplier will be your financial institution. If it is already in your list of suppliers, select it. If not, click on the plus sign to create it.
Now, enter the name of the institution, and click on “Finish.”
Enter the amount that your institution charged you for the returned cheque. In this case, the fees are 25$.
To charge the tenant for those fees, simply re-enter the amount here. You can also charge them more or less if you want. Then, click on “Finish.”
You will see that this collection now has four rows. The first one is for the initial rent payment, the second one, which is red, is for the returned cheque, the third one is for the rent payment, and the bottom one is for the bank fees.
When the tenant pays you their rent and the fees, enter the date of payment, the payment method, and the amount in the third row.
You will see this message. Answer “Do not distribute.”
Finally, make sure that the balance is now at zero.