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Reclaiming Bounced Check Fees in Acumatica

This podcast episode provides a solution for handling bounced checks and recovering associated bank fees in Acumatica. 

(a) Challenges

When a customer’s check bounces, businesses face the challenge of recovering not only the original payment but also the bank fees incurred. These charges can accumulate over time and significantly impact a business’s bottom line. Additionally, the process of recouping these fees can be cumbersome, involving separate billing or awkward conversations with customers. 

(b) Solution: Streamlining Bounced Check Fee Recovery

Shib, an Associate Principal Consultant at Tayana Solutions with 16 years of experience in the ERP space, outlines a solution using Acumatica to reclaim bounced check fees. This solution ensures accurate record-keeping, simplifies the process, and improves customer interactions. 

Here’s a step-by-step breakdown: 

  • Void the Bounced Check Payment: The first step is to void the initial bounced check payment in the system to maintain accurate records and prevent confusion. 
  • Record Bank Charges: Next, record the bank charges as a separate cash transaction, ensuring accuracy by selecting the correct entry type, cash account, and the precise amount charged by the bank. This step meticulously documents the financial impact of the bounced check.
  • Generate a New Invoice with a Non-Stock Item: Create a new invoice for the bank charges and link it to a non-stock item. Non-stock items are used to track expenses or income not directly tied to inventory, allowing for organized tracking of the bank charges. 
  • Seamless Fee Recovery: During the customer’s next payment, the invoice for the bank charges will appear alongside their other outstanding items, providing a built-in reminder for payment. This eliminates the need for separate bills or potentially uncomfortable conversations. 

Benefits: 

  • Accurate Record Keeping: Voiding the initial payment and accurately recording bank charges ensures clean and precise financial records. 
  • Streamlined Process: The solution simplifies fee recovery by integrating it into the regular customer payment process. 
  • Improved Customer Interactions: The automated reminder system minimizes the need for potentially awkward conversations about bounced checks and fees. 
  • Time and Money Savings: By streamlining the process, businesses can save time and resources typically spent on manual fee recovery. 

Tayana Solutions, a leading Acumatica services partner, can help businesses implement this solution and optimize their business processes. For expert advice on tackling similar challenges, contact Tayana Solutions at 678-910-2774.