How does Quickbooks online handle post dated checks from Customers?
I would like to know the procedures in recording Post Dated Checks from customers. There are situations that I have already received the checks but are post dated. I have to record them because they need the invoices that correspond to the Post Dated Checks should be clear in the Accounts Receivable. Or else, I risk the embarrassment of following up for a payment to an invoice which I already have.
Also in this bounced check tutorial, there is no mention on how to reverse the payment of the customer. The invoice paid by the bounced check should be reversed and it should appear in the Accounts Receivable report.
Looking forward to your assistance.
Thanks very much!
Thank you for posting these two great questions. First, the beauty about entering payments received from customers is that you can enter any date you like. QuickBooks does not know that the check is post dated. As long as the payment date is after the invoice date, you will not receive any kind of error message in QuickBooks. The most important date is to make sure that the date you record the actual deposit in QuickBooks matches the date you actually deposited the check in your bank account. This will ensure that can successfully reconcile the bank account at the end of the month.
As far as your second question regarding bounced checks. In step 1 of the How To Handle Bounced Checks in QuickBooks tutorial, we reversed the accounts receivable balance and reduced the bank account by the amount paid by the customer. Take a look at step 1 again and you will see that we recorded a check and used the accounts receivable as the offsetting account.
All the Best-
Crystalynn Shelton, CPA
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