How to Enter a Returned Cheque Without Charging the Tenant for 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.
5. If you do not have any bank fees, click on “Finish,” and answer “Yes” to the question.
6. If you do, select your financial institution in the “Bank Fees” section, or create it by clicking on “+.”
7. Enter the amount in the “Bank Fees” section.
8. Click on “Finish.”
There should be three rows for this collection. One for the initial rent payment, one for the returned cheque, and one for the rent.
9. When you receive the payment, enter the date of payment in the row for the rent (3rd), the payment method, and the amount.
You have now entered a returned cheque without charging the tenant for additional fees.
Transcription of the Subtitles
Here is how you enter a returned cheque and not 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, click on “Finish,” and answer “Yes” to the question.
You will see that this collection now has three rows. The first one is for the initial rent payment, the second one, which is red, is for the returned cheque, and the third one is for the rent payment.
When the tenant pays you their rent, enter the date of payment, the payment method, and the amount in the third row.
Finally, make sure that the balance is now at zero.