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How do I categorize a bounced check?

jotcreativejotcreative Member Posts: 10

I hope the answer is equally as simple as my question!

I had a customer pay with a check, which I deposited using my bank's app. The check bounced, however, so in the next day or two an equal amount was withdrawn from my account. With other accounting software, I've used "Income - Sales" to categorize both transactions, effectively recording the episode while letting them cancel each other out.

Wave doesn't seem to let me categorize an expense as income as I have done previously. Any advice?

edited February 13, 2019 in Accounting Feature Ideas

Comments

  • jotcreativejotcreative Member Posts: 10

    Also found the opposite: was charged double for something, then had half of the amount returned. How do I categorize?

  • MikegMikeg Member Posts: 995 ✭✭✭

    Wave should let you categorize as a "refund of" go to transactions and use the drop down box next to the transaction in question. Select refund of and pick the appropriate expense or income.
    Mike G, CPA
    www.mgfinancial.net
    Better Service - Better Pricing

  • jotcreativejotcreative Member Posts: 10

    Thank you! So glad it was an easy answer. :) Will try it now.

  • MikegMikeg Member Posts: 995 ✭✭✭

    Your welcome

  • Alex_V2Alex_V2 Member Posts: 5

    "...Select refund of and pick the appropriate expense or income."

    What type of "Income" should you categorize it though?

    edited March 15, 2020
  • MikegMikeg Member Posts: 995 ✭✭✭

    @Alex_V2,
    Wherever you post sales would be the place to categorize.

  • Alex_V2Alex_V2 Member Posts: 5

    Thanks for the immediate response. I think I got it now. :)

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