THIS IS RECOMMENDED FOR ODOO VERSIONS 12, 13, 14, 15, 16 and 17:

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, with three statement lines to reconcile:

Reconcile the payment (first line) as normal since the funds were made available and the payment did happen.

Reconcile the reversal and the fee (second and third lines) using the Manual Operations tab with the Customer and the Account Receivable account, so these amounts then appear on the Aged Receivable report and on the relevant Customer Ledger.

 Aged Receivable Report looks like this: