Wednesday, April 24, 2013

Time For Bank Cheque To Clear

Time For Bank Cheque To Clear Pictures

Helpful Information From The UK Payments Association Cheques ...
Bank receives the cheque (i.e. for a cheque paid in on Monday, withdrawal will be not later than the time it takes for a cheque to clear. In fact, the central clearing operates within a three-day period, illustrated as follows: ...

QuickBooks - Return Deposited Items and NSF Checks
 for more great QuickBooks info and help

Sometimes in business and in our personal financial lives we find ourselves in that situation where we have either received a check that was returned for insufficient funds or weve written one. In either case the bank will act accordingly and we or our bookkeepers are left with the task of how to record this in QuickBooks or whatever financial software we use. There are some common mistakes bookkeepers make on this and I want to address those as well as the correct way to handle this.

The Difference:
A Returned Deposit Item is when someone writes me a check, I deposit it, and then it bounces. An NSF Check is when I have written a check and it is returned for non-sufficient funds.

Return Deposit Item:
The mistakes bookkeepers often make on this:

Delete the original deposit (or line item from the deposit) for the check that was returned.
Booking the deduction in the bank account for the amount received from the customer to Bank Service Charges.
Returned Check:

The mistakes bookkeepers often make on this:

Delete the check that was written.
Record the return of the funds to the account as income.
The correct way to handle these in QuickBooks Book and entry to offset the original transaction while leaving the original transaction unchanged.

The Returned Deposit Item:

We want to mirror what the bank does. In the case of the returned deposit item, the bank has already given us credit for the deposit and then subsequently taken the money out when the deposited item was returned for insufficient funds. In QuickBooks terms, this means we record a check to reflect the money being taken out. If this was a check from a customer then we are left wondering where to record the check we write to reflect the act of the bank taking the money back. The key again is to reflect in QuickBooks what the bank did and what happened at large. So we break the transaction down in the simplest components in order to understand how to post it. Here are those components:

A customer paid us
We deposited that check
The bank took it back
The customer still has credit for having paid their invoice even though it was taken back.
So when we post the check to reflect the fact that the bank has taken the money away we have to record it as follows:

Date = the date the bank took the money
Payee = The Bank (this is how it will show up on the bank statement, not based on the customer name)
Account = Accounts Receivable (this puts the customers receivable back on the books)
Customer: Job we have to associate the receivable with the customer whose check was returned.
Finally the bank may charge us a fee (which we will pass along to the customer). We can even charge the customer more than the bank charges us every state has a maximum. This is meant to account for the time we have to spend on the bookkeeping for this. It does pose an inconvenience when someone bounces a check to us. The fees will be taken out separately by the bank and should be recorded in QuickBooks as an EFT check (A check with EFT on the Check # Line). When we charge the customer for it, we can book that to a RDI Fee income account or as a direct offset to the fees we paid the bank. It is cleaner to show it separately as an income item.

The Returned Check

Again we want to mirror what the bank does and reflect this in QuickBooks. We wrote a check and the bank paid it (i.e. the money was taken out of our account). When the check was then returned the bank credits our bank account back with the amount of the check that was returned and then charges us a fee, lets say $20. This will come out separately in QuickBooks and should be recorded accordingly as an EFT Check booked to Bank Service Charges and if you wish, a sub-account for NSF Fees.

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Time For Bank Cheque To Clear

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Time For Bank Cheque To Clear

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Time For Bank Cheque To Clear

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And efficient way to clear cheques. The cost to the customer remains the same, provided the cheques are utilised in the proper way. 4 CUT-OFF DATE Q10. CTS cheque. Q15. What happens if I bank in an old cheque after the cut-off date? A15. ... Fetch Content

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Gillard/AWU Time-bomb - Latest from Michael Smith

Michael Smith - a commentator courageous enough to put his job on the line - says that the authorities were deceived about the purpose of the sham not-for-profit entity, the "AWU Workplace Reform Association", which Julia Gillard set up for her boyfriend Bruce Wilson as well as Ralph Blewitt - the relevant document can be seen in this video.

Following on CANdo's recent explosive video interviews, Michael Smith refers to revelations in The Australian by a former law firm partner, including one that Ms. Gillard knew the fund was to ensure the re-election of union bosses - a "slush fund".

There are "hard questions" which Michael Smith says the Prime Minister must now answer.

But contrary to the Prime Minister's repeated claims, not one of the answers is on the public record.

These include the potential conflict of interest in acting for the two men and the AWU, that the AWU was unaware of the formation of the sham entity, that it was used for illicit purposes which included the purchase and renovation of a house on which Julia Gillard's firm acted without charge and provided a mortgage, and that the balance of the purchase price for the house was provided, not by a bank cheque as requested, but by a cheque from the sham entity in clear breach of its rules.

Distancing himself from rumour and innuendo by some internet bloggers, he stressed that everything he was saying was supported by clear evidence, and had been vetted by expert lawyers.

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