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Examples of how NSF should flow to your accounting.
In these examples we will have the following today
$500 in rental revenue
$35.00 tax collected
$100 NSF returned that was $94.00 rental revenue and $6.00 tax
If you reverse the $100 NSF transaction.
Description |
Splits |
Split Amt. |
Deposit Amt |
|
Regular Deposit |
|
|
535.00 |
|
|
Rental Revenue |
406.00 |
|
*The reduced revenue and sales tax is booked in this transaction |
|
Tax Collected |
29.00 |
|
|
|
Temp Holding |
100.00 |
|
*The temp holding is used to balance the transaction and to account for the negative NSF deposit. |
NSF Deposit |
|
|
-100.00 |
|
|
Temp Holding |
-100.00 |
|
*When the negative NSF deposit is entered the temp holding acct = 0 again |
|
|
Total |
Total |
|
|
|
435.00 |
435.00 |
*Everything is in balance |
If you Load an NSF for the $100 NSF transaction.
Description |
Splits |
Split Amt. |
Deposit Amt |
|
Regular Deposit |
|
|
535.00 |
|
|
Rental Revenue |
500.00 |
|
*The reduced revenue and sales tax is booked in this transaction |
|
Tax Collected |
35.00 |
|
|
|
|
|
|
|
*NSF Transaction |
|
|
-100.00 |
|
|
NSF Account |
-100.00 |
|
*This creates an expense of $100.00, when the NSF is paid it would remove the $100 expense |
|
|
Total |
Total |
|
|
|
435.00 |
435.00 |
*Everything is in balance |
*These is an option to create this NSF transaction in your IIF/QIF file exports in the End of Day Setup, if you use the option to create IIF/QIF files to import into accounting software.