Recording Insufficient Funds Deposit in Wave
Whiteoaksranch
Member Posts: 4
I received a check deposited and it was an INF. Wave does not have an entry for reversal. Anyone know how to record this. A manual Journal Adjustment?
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Whiteoaksranch
Member Posts: 4
I received a check deposited and it was an INF. Wave does not have an entry for reversal. Anyone know how to record this. A manual Journal Adjustment?
Comments
@Whiteoaksranch,
Most banks record a debit to the account for INF, but if it did not and the deposit was reflected in your transactions, then you will need to reverse. To do this create a journal entry, Debit Sales (or whatever the original deposit was categorized) and credit cash (account affected). Different steps if this was recorded through invoicing.