Molo, Inc.

If there is a Check Transaction that is marked as a Payment in Molo and you receive notification from your bank that the check has bounced, please follow the below steps to correct this in Molo:

1. Create an Inventory Item in Molo called 'NSF / Bounced Check'
   1. Go to New > Inventory Item to create this new item with the below metrics:
      1. Item Code: 'NSF / Bounced Check'    
      2. Item Name: NSF / Bounced Check'

      3. Category: Other

      4. Sales Price: 1

      5. Taxable: No

      6. Item charge method: Flat Fee

      7. Income account for marinas using Accounting Integrations: [Molo GL, QBO, Xero, Netsuite, Intacct] should be set to the same account that is set as the default for Check Payments

2. Create a new Invoice to rebill the customer for the failed payment

   1. Open the Contact in Molo

   2. Select Actions > New Sale / Invoice

   3. In the Item Search of the POS Screen, select the 'NSF / Bounced Check' item

   4. Quantity would be the amount of the failed payment

   5. Hit enter to add this item to the new Invoice

   6. Click on the Pencil Icon ✎ > Add Note and add a note "To rebill for NSF / Bounced Check Payment from MM/DD/YYY"

   7. Hit Save to Account

Additional Details:

• New 'NSF / Bounced Check' Invoice would offset GL Entries for the failed check payment and would create a Receivable Invoice to rebill the customer. 
• The Invoice Line note that is entered in step 2.6 will show to the customer when the Invoice is printed and/or emailed to provide additional clarity
• No prior accounting periods would be affected.

•  Molo Express - How does Molo handle Failed ACH Payments?
• Storing and Verifying a Bank Account for ACH Payments