Hello,
Has anyone worked on handling NSF (non-sufficient funds) checks in Odoo? I am looking at Check void process when periods are closed and to maintain historical payment information.
Thank you,
Murtada Karjikar
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UPDATED FOR VERSIONS 12, 13 and 14:
Managing returned payments or checks that are returned due to insufficient funds (aka a check that bounces) is easy:
1. Add a Note in the Payment to indicate although it initially cleared, it was returned.
2. When reconciling the Bank Statement (be sure to select the correct CUSTOMER) use the Manual Operations tab to apply both the payment reversal and the NSF charge to the same AR account the original payment was debited to. By doing this, you are re-stating the receivable for both amounts. If this happens often and you want a "one click" solution - create a Reconciliation Model for each AR account
Notes:
Works if the payment is returned after the GL is locked
GL correctly shows what happened
Payment record shows what happened.
AR Balance restated (the amount due is "put back" and any charge is added)
AR Aging correct
Bank Balance correct
Customer statement correct (shows both amounts due)
No need to:
customize anything
use a clearing account
create a vendor bill
manually journal anything
reinvoice the customer (that part is done by restating the AR)
reverse anything
Bank Statement looks like this:
Aged Receivable Report looks like this:
This alternative is fine and yes statements work as the default functionality, The criticality here is to keep the payment as bounced and create new payment without several clicks or notes.
I know it has been a while since you posted this question, but I just received a NSF check back from the bank and wondered if there was a better way to handle them then what I do. I have not found anything better so I thought I would share with you what I found works.
1. Make an invoice for the customer who's check bounced with a line item using a 'clearing account' for the total of the check plus any NSF bank fees, if applicable.
2. Make a vendor invoice from the bank for the same amount using the same 'clearing account' and pay that invoice with the same bank account the funds were removed from.
3. Scratch your head as to why there is no other way to do this...
If you have found any other way to handle an NSF check, please let me know as I would be interested to see how other people handle them
Hello Josh,
Thanks for your comment above.
We actually developed a feature the handle NSF and our clients are using them..
We came up with a simple solution to manage NSF and charge customers a fee due to NSF. More than the functionality, my concern was following proper accounting procedures interms of reversing payments, reopening the invoices and charging the customer fee.
See my video and let me know if this helps.
https://www.youtube.com/watch?v=R_3mIlYOPKA&feature=youtu.be
Thank you,
Murtada
