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Recording Insufficient Funds Deposit in Wave

WhiteoaksranchWhiteoaksranch 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?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @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.

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