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Void a transaction in another period

by Intuit Updated 4 weeks ago

Learn how to void a transaction in another period without deleting it in QuickBooks Online.

Instead of removing the transaction, you can record a reversing entry to void a transaction in another period. You can restore the transaction without any problems since it's still on record.

Follow the steps below to void transactions without deleting any of your records.

Step 1: Void the transaction

Print the transaction journal for reference

  1. Go to Reports (Take me there).
  2. Select Transaction List by Date.
  3. For Report period, select All Dates, then select Run report.
  4. From the transaction list, select the transaction you want to void.
  5. Select More, then select Transaction journal from the pop-up menu.
  6. Select the Print (printer) icon to get to the Print page.
  7. Select Print. This will serve as your reference.

Create a reversing Journal entry to void a transaction

  1. Select + New.
  2. Select Journal Entry.
  3. In the Journal date field, enter the date you want to show the transaction as reversed.
  4. Enter the accounts in reverse based on the printed transaction journal.
    Example: If the transaction you want to void is a bill payment, debit the bank account then credit accounts payable.
  5. Select Save, then close the window. The transaction is now voided.

Step 2: Clear the transaction on the register

After voiding, you can either clear the original transaction and the reversing entry through the account register, or make a note to do so the next time you reconcile the account.

Note:These 2 transactions can be reconciled in the next reconciliation since they add up to zero and don't change the balance when combined.

To clear the transactions:

  1. Go to Settings Settings gear icon. and select Chart of accounts (Take me there).
  2. Under the Action column of the bank account, select Account history.
  3. Find the original transaction.
  4. Double-click on the space under the Reconcile Status () column until C (for Cleared) appears.
  5. Select Save. Repeat these steps to clear the reversing entry.

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