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Reconciling uncashed electronic checks

My bank connection is Direct Connect, however I do have some payees set up to be paid via bank check mailed directly from bank. Recently I paid an amount of $65.00 whereby the recipient never cashed it and told me they were returning the check. I deleted the transaction in my register which I thought would keep things straight since there was no confirmation from the bank. When I do my reconcile there is a $65.00 difference and the deleted check is no where to be seen or found in my register....any ideas?

Best Answer

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    For payments made on your behalf by your bank ... SOME banks debit your account as soon as the check is issued, while OTHERS wait until the check is actually cashed.
    Check your statement (or the bank's website) to determine what's applicable here.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • jrich75
    jrich75 Member ✭✭✭✭
    edited February 9
    I assume the bank balance is less than the register balance. If it's the other way around, then ingore the following.
    Depending on how the bank issues the check, you may have to call them to stop payment on the check.  I had to do that with a credit union that uses a payment service to send checks.  
    Note: I had already voided the check in Quicken so I had to put in a place holder to reconcile the statement and the following month a credit was included that offset the place holder. 
    Quicken user since 1995
    Win10 Deluxe Subscription thru 2021
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    For payments made on your behalf by your bank ... SOME banks debit your account as soon as the check is issued, while OTHERS wait until the check is actually cashed.
    Check your statement (or the bank's website) to determine what's applicable here.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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