This task is used to record a Non Sufficient Funds (NSF) transaction for a payment and add a charge for an NSF fee. This process will reverse the payment, add a fee if applicable, and update the payment batch history. Also, by recording an NSF for a selected payment will update the cash receipts journal, open receivables, and will create the appropriate GL entries.
You can also use the Record NSF for Selected Payment task on payments that have subsequent activity.
Example
If the payment was recorded as an Unapplied Payment and then applied against a subsequent charge, you have the choice to exit and reverse the subsequent apply credit event, or create a new receivable (Receivable Due to NSF) dated as of the NSF event. This allows you to record an NSF on a payment for which the credit had been refunded to the tenant, or the Receivable Due to NSF charge type. The new charge type is based on the GL Account assignments for rent, but can be changed at System Administration > Accounting Detail - Charge Type Setup.
To record an NSF for a selected payment, follow these steps:
1. Go to Household Detail > Accounting Tab.
2. Go to Receivables, Deposits, or Promissory Notes Tab, and then highlight the payment event in the Event History section.
3. Go to Tasks > Record NSF for Selected Payment.
4. On the Record NSF for Selected Payment page, complete the following fields:
▪ NFS Date—Enter the date of the NSF.
Note
This is commonly the date of the bank NSF notice, or the date you received the notice.
▪ Add Note—This field will be populated with the payment effective date, batch information, and event ID. You can edit this note.
▪ Charge ($)—Enter a fee.
Note
If the NSF Charge Method is defined at System Administration > Maintain Lookup Tables - NSF Charge Method, and the NSF Charge Method is selected on the Community Detail > Program Info tab, the fee will default as defined. You have the option to change it. If the table has not been defined, you will need to enter an amount for a fee. If you leave the fee blank or set it to zero, the payment will be reversed and no NSF fee will be assessed.
5. Click Next.
6. If the process failed, you may need to return to the page and make a correction. If the process fails after an adjustment, contact Bostonpost Client Support at myMRI, or contact a Client Support Analyst directly at (877) 579-8896 for assistance.
7. If the process passed, click Close.
8. Select available documents to print.
Note
To print all available documents, click Select All.
9. Specify the number of copies for each document.
10. Click Finished to print.
Note
An Insufficient Funds event appears in Event History, and the reversed payment event will now appear with ** next to the event date to indicate that there is a subsequent NSF event for the payment. If you charged an NSF Fee, it appears in Event History as well as Open Items.
If the household is in Legal/Eviction Process (Occupancy and Compliance Detail > Legal), after this task is completed, a Legal Transaction is added to their Household Detail > Legal tab for an Insufficient Funds event.