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Call QuickBooks Customer Care and know how to reverse a Direct Deposit

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In this article you will learn how to reverse a direct deposit in QuickBooks Desktop. To know more, contact QuickBooks Customer Care.

There’s no way to stop the fund transfer after a direct deposit is sent to your employee’s financial institution.

 But if you meet the following criteria you may be able to reverse the direct deposit:

  • If the typical check date is less than 5 days past the settlement date of the transaction you wish to reverse.
  • The reason for performing this reversal is in compliance with ACH or EFT laws. Reasons can be duplicate payments, unintended or erroneous payment and/or the amount paid was significantly different than what you owed to the person receiving the payment.
  • The total amount(s) that is to be reversed has to be more than $50.
  • Only the full amount of the direct deposit can be reversed and partial amounts can’t be reversed.
  • Make sure that the direct deposit is not for a current employee.

Please Note: You must notify the recipients of the payment when you submit the request that that it will be reversed.

We recommend you to have an updated, signed Direct Deposit Authorization form on file from all your currently working employees before you process a reversal.

Follow these steps to request a direct deposit reversal:

  • Open the Direct Deposit Reversal Form.
  • Select New Request.
  • Fill out the required information and the transaction which you want to get reversed and then select Save. You’ll receive an email confirmation regarding the submission of the request.
  • Your request for accuracy will be reviewed by us and we will make sure that all reversal transactions abide by applicable rules. You’ll receive an email notifying you that the request has been rejected if any transaction is inaccurate or does not abide by the rules along with a list of transactions that are to be fixed. We’ll review the request again once you save the changes. Our technical support executive may contact you to assist you in more complex situations.
  • You’ll receive an email informing you of when the request will be processed and next step once the request is accepted.

Additional information:

  • You need to review all emails sent to you for your request(s) carefully.
  • There is no guarantee that the funds will be recovered.
  • Whether the funds are recovered or not you’ll be charged a direct deposit reversal fee ($75 per payroll.
  • The reversal can be disputed for up to 60 days by the employees. The right to debit your company account for the disputed transactions is in our hand if the employee disputes the reversal and the funds are already credited.
  • Your bank account will be credited when the funds have been reversed from the employee’s account( usually for 10 days) if the reversal is successful and there is no current balance due on your payroll account.

Read the article further to know how to enter a bounced check by invoice. To know more call on Quickbooks Phone Number.

https://www.quickbooksupport.net/

Follow these steps:

Step 1: Create two Service items

In the process the first step is to create Service items for the bounced check fees and the bounced check.

  • Click on the Gear icon present on the Toolbar.
  • Select Products and Services under lists.
  • Click on New.
  • Select the Service item in the Product/Service information panel.
  • Enter Bounced Check in the name field.
  • Select the bank account from the Income account drop-down list to which check was returned on.
  • To create the second item, select Save and new.
  • Enter Bounced Check Fee in the Name field.
  • Select or add an income account called Bounced Check Fees from the Income account drop-down list.
  • Select an existing expense account alternatively that you can use to track the bank charges.
  • Click on Save and Close.

Now, the Service items can be used.

Step 2: Create the invoice

  • Click on the Plus icon (+) present on the Toolbar.
  • Select Invoice under customers.
  • Choose the Customer name and in the invoice date field, enter the date the check bounced.
  • Select the Bounced Check item you created in the Product/Service column.
  • In the Amount field enter the amount of the bounced check.
  • On the second line of the Product/Service column, select the Bounced Check Fee item.
  • For the bounced check enter the Amount that is to be charged by the customer.
  • Click on Save and close.

Step 3: Record the bank service charge

  • Click on the Plus icon (+) present on the Toolbar.
  • Select Expense under vendors.
  • Select your bank from the Bank/Credit account drop-down list.
  • Enter the date the check bounced in the Payment date field.
  • In the Ref no. field, enter the NSF fee.
  • In the Account field under Account details, choose the expense account from your bank that tracks charges.
  • For the bounced check in the Amount column, enter the amount your bank charged you .
  • Click on Save and Close.

The fee is recorded successfully.

The next step is to record the new payment.

Step 4: Record the payment from your customer

  • Click on the Plus icon (+) present on the Toolbar.
  • Choose Receive Payment under customers.
  • From the Customer drop-down list, select the customer.
  • For the new payment, enter the payment date and payment method.
  • From the drop-down list, select the deposit to account.
  • Enter the received Amount.
  • From the Outstanding Transactions list select the invoice that you created.
  • Click on Save and Close.

You have successfully recorded the payment.

To know more on how to reverse a direct deposit and handle bounced checks in QuickBooks desktop, call on our QuickBooks Customer Care. You can also write to us at support@quickbooksupport.net . For more information visit – www.quickbooksupport.net.

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