NSF or Returned Checks

NSF or Returned Checks

❓ FAQ: How do I handle bounced or NSF deposits in a Loft deal?

If a deposit or cheque from an outside source bounces or is returned NSF, you should record it in Loft by following what actually happened at the bank.

The rule is simple:

  • Money received by the bank = Add Deposit

  • Money returned by the bank = Release Funds

In practice, you would first record the original deposit using Add Deposit, then reverse it by completing a Release Funds transaction to reflect the bounced or returned amount.

This ensures your deal accurately matches your bank activity.

    • Related Articles

    • Release Deposits

      <br> ? If you prefer a quicker overview, please watch the short movie view here ? ? (movie view)

    • What accounting Software to integrate with? Xero VS QuickBooks Online Integration

      In Article Navigation can be found to the right of this article or via the buttons below Pricing Contact Syncing Searching Transactions Auto Matching Transactions Sales Tax Posting Cheque/Check Customization Additional Training We integrate with both ...

    • Interest-Bearing Trust Account Guide

      Recording Interest Earned on Trust Deposits For brokerages that earn interest on deposits held in a trust account, there are two ways to handle and record the interest within a deal, depending on whether the interest is returned to the client or ...

    • Adding Referrals for Non-licensed Third Parties

      If a referral is made to a third party that is not a licensed Agent or Brokerage you will be using the "Payable" deduction accessible through the deductions menu. Most users set this up as a payable type and name it "Third Party Referral". This will ...

    • Making changes to commissions or deductions after the payout to the agents

      In this sample deal, the transaction is closed and payments have been made out of Xero or QBO. Scenario 1: Adjusting an Agent Overpayment (via Deductions) To correct an overpayment, you can either adjust the original commission and allocations ...