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firechaser
February 21, 2019
Question

Recording a stop payment

  • February 21, 2019
  • 2 replies
  • 0 views

I sent a payment to a vendor via online bill pay from my bank, but the vendor never received the check. I called the bank and stopped the payment. In quickbooks I voided the original check and recorded another check (again paid through my bank's online bill pay).

 

Today the original check was deposited back into my bank account. How should I record this deposit?

2 replies

IamjuViel
IamjuViel
February 21, 2019

Hello there, @firechaser.

 

I'd like to offer my assistance and make sure you properly record your vendor payments.

 

Since you've called your bank to stop the payment and voided the original vendor payment check transactions, you're on the right track. You don't need to do anything on your end especially if the payment in the bank was not really process at all. The voided check amount will show as 0 in QuickBooks will be mark as cleared. 

 

However, as what you've mentioned the funds for the original check was deposited back into your account, it is possible that the first payment transaction was indeed processed. What you need to do is to recreate the check . Make sure to choose Account Payable instead of Expense (account use on the second check).

 

You will then see two negative transaction listed for the same vendor. You will also a negative balance for the said vendor when accessing the Open Balance report.

 

To zero out the balance, here's how to record the check from your bank:

  1. Click Banking.
  2. Choose Make Deposits.
  3. Select the specific Deposit To bank account where the funds were initially posted.
  4. Enter the name of the vendor in the Received From column.
  5. Choose Accounts Payable as the account affected.
  6. lick Save and Close. 

That should do it! For additional insights, you may check out these articles:

If you need further assistance with the steps above, I'd recommend reaching out to our Customer Care Team. A specialist will be able to further help you via secured remote access session.

 

Here’s how you can reach them:

  1. Click this link https://help.quickbooks.intuit.com/en_US/contact.
  2. Choose the QuickBooksProduct.
  3. Select your QuickBooks Desktop version.
  4. On the Contact Uspage, select a topic.
  5. Click on Get Phone Numberbutton to see the support number.

Feel free to click the Reply button if you have other questions about recording check transactions in QuickBooks Desktop. I'm here to help.

F
firechaserAuthor
February 21, 2019

Thank you very much. I'm almost there I think.

 

I now have a check and a deposit in Quickbooks, for equal but opposite amounts. However, the bill still shows up on my Accounts Payable Aging Report, as if I haven't paid it. In the real world, I have paid this bill and and no longer owe the vendor any money. Can you help me zero this out?

Kristine Mae
Kristine Mae
February 22, 2019

Let's get it zeroed out, Firechaser.

 

The amount in the A/P aging report is the deposit you've created. To zero it out, you can create a bill credit for the refunded amount, then link it to the deposit. 

 

First, let's create a bill credit. Here's how:

  1. Click Vendors, then choose Enter Bills.
  2. Click Credit. 
  3. Choose the vendor name.
  4. Choose the account you used on the original bill, then enter the amount.
  5. Click Save & Close.

Then, link the deposit to the credit. Here's how:

  1. Click Vendors, then click Pay Bills.
  2. Click the Filter By drop-down arrow, then choose the vendor.
  3. Choose the deposit, then click Set Credits. 
  4. Choose the credit, then click Done.
  5. Click Pay Selected Bills.

Once done, check the A/P aging report again, it will show zero amount. 

 

Please check the screenshots for your reference. 

 

 

 

 

 

 

 

We're just here if you need more help. Have a good one! 

    O
    Oring1973
    August 20, 2024

    Thanks for sharing this..

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