dude7707
Level 5
03-18-2023
02:09 PM
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Facts: In 2022, Cash Basis 1065 T/P, receives monthly rental check.
Same year, check bounces.
Q. Record this as:
Dr. Rental Income - Original Amount of check Rec'd.
Dr. Bank Charges - NSF Fee
Cr. Cash - Total Bank Charge for this transaction.
Correct?
Best Answer Click here
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abctax55
Level 15
03-18-2023
02:37 PM
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Looks good to me
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abctax55
Level 15
03-18-2023
03:39 PM
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YVW
As a reminded that you maybe don't need 🙂
You will have to pick up the replacement check as rental income when it IS made good, as well as the reimbursement for the NSF fees (I'd just offset with bank charges when than happens).
"*******Tax software is no substitute for a professional tax preparer*******
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