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Void a transaction from another period in QuickBooks Online
by Intuit• Updated 3 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.
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Follow the steps below to void transactions without deleting any of your records.
Step 1: Void the transaction
Print the transaction journal for reference
- Go to Reports (Take me there).
- Select Transaction List by Date.
- For Report period, select All Dates, then select Run report.
- From the transaction list, select the transaction you want to void.
- Select More, then select Transaction journal from the pop-up menu.
- Select the Print (printer) icon to get to the Print page.
- Select Print. This will serve as your reference.
Create a reversing Journal entry to void a transaction
- Select + New.
- Select Journal Entry.
- In the Journal date field, enter the date you want to show the transaction as reversed.
- 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. - 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:
- Go to Settings
and select Chart of accounts (Take me there).
- Under the Action column of the bank account, select View register.
- Find the original transaction.
- Double-click on the space under the Reconcile Status (✓) column until C (for Cleared) appears.
- Select Save. Repeat these steps to clear the reversing entry.
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