If you enter a negative receipt in BankRec for the customer, this will credit the bank GL account and debit the clearing account. This will create a (retrievable) AR cash batch that when posted will credit the clearing account (net to 0) and debit the Receivables control account.

Would this meet your requirements? If so, then you can try this but I would suggest making a backup of your data before posting anything, in case this is not desired.

If you wanted to return the entire amount of the payment, you could use the NSF check feature in BankRec (from the View Bank Transactions area) to automate the document creation - delete any created BankRec or AR invoice batches if NSF fees are not desired to be applied.