Hello,
After searching for info on this topic, all that I could find out was how this pertains to a customer bounced check. That's not the case here. Due to checks that were deposited to the account not clearing in time (2 days as I understand it), a couple of company checks bounced. Ultimately, the company checks were redeposited by the payee at his bank and show up as cleared on the following month's statement.
On the previous month's statement there's a discrepancy in the amount of the two checks and the related overdraft charges. Basically, they cancel each other out. The "Overdraft Fee" for both checks appears as a single debit (negative number), which, I believe, should get treated as a check (debit) and the checks that are listed as "Returned Check Credit" each get treated as deposits (credits). How do you go about entering these items in order to reconcile the account with the statement? Will the fact that the checks cleared on the following month's statement have any bearing on it?
Any help would be greatly appreciated. Thanks in advance to those who post a reply here.
Peter.