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DCTLori
Level 1

Void a check from prior fiscal year

What account should use for the general journal entry to fix a voided check from the prior fiscal year?

Solved
Best answer July 28, 2020

Best Answers
BigRedConsulting
Community Champion

Void a check from prior fiscal year

Some might say the same account used on the check.

 

But...  what is it you you need to fix regarding a check voided in a prior year? How is that different than a current year voided check?

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8 Comments 8
BigRedConsulting
Community Champion

Void a check from prior fiscal year

Some might say the same account used on the check.

 

But...  what is it you you need to fix regarding a check voided in a prior year? How is that different than a current year voided check?

DCTLori
Level 1

Void a check from prior fiscal year

After the Prior year check is voided, you need to do a GJE to make sure the (prior year) balance sheet remains the same and the reversal recorded in the current period/year.  There are 2 accounts associated with a GJE, one being "Donations", what other account would I use?

 

wcastille
Level 1

Void a check from prior fiscal year

please explain

Mich_S
QuickBooks Team

Void a check from prior fiscal year

Hello there, @wcastille.

 

Can I please ask for additional details on what is your goal for today? Did you encounter any issues when trying to accomplish it? If so, I suggest sending us some screenshots with the error. This way, we can further check on it and give you the best resolution to have it fixed.

 

Feel free to keep us updated by leaving a comment below. We're here to assist 24/7. Have a nice day!

MHTTreas18
Level 1

Void a check from prior fiscal year

Hi, I don't see an answer here. Our fiscal year runs April to March and a couple of outstanding checks from Dec 2021 have been found. Clearly they need to be replaced as they are older than 180 days. Can someone please tell me how to void these checks and reissue? I need to complete this before we finalize the financials through March 2022. Please help

MariaSoledadG
QuickBooks Team

Void a check from prior fiscal year

Voiding and issuing checks in QuickBooks is quick and easy. Let me show you on how you'll be able to do it. MHTTreas18.

 

Voiding changes the amount of the transactions to zero but keeps a record of the transactions. While deleting the check removes the transaction entirely and causes the paid bill to go back to unpaid status. Before you proceed with either of the two, I suggest you seek your accountant's advise on what you'll have to do first or what you're going to do next. To void a bill payment check, follow the steps below: 

 

  1. Open the transaction.
  2. Select the Edit menu, then Void Bill/Void Bill Pmt-Check.

 

If you want to delete a payment check, here's how:

 

  1. Open the transaction.
  2. Select the Edit menu, then Delete Bill/Bill Pmt-Check.

 

Also, you may want to void or delete multiple bill payment check in QuickBooks. Go through this article for your guide: Void or Delete a Bill Payment Check. Then, recreate another check for this fiscal year. 

 

Furthermore, learn how QuickBooks makes a match at check numbers, amount, date, and who paid. Read this article for your reference: Add and Match Bank Feed Transactions In QuickBooks Desktop.

 

Let me know if you have any other concerns with your previous fiscal year checks. We're always right here to get you covered.

cobywheel
Level 1

Void a check from prior fiscal year

Can you describe what these General Journal Entries would look like?

MadelynC
Moderator

Void a check from prior fiscal year

I can definitely show you, @cobywheel.


A general journal entry is an accounting transaction that is entered or posted directly to the general ledger. This entry contains two accounts. One represents the income, and the other side represents the expenditures.


Examples of transactions recorded in the general journal are asset sales, depreciation, interest income, interest expense, and stock sales. Let me provide a situation that gives you insights about recording general journal entries.


Maddy Lim, a store owner in Pennsylvania, believes that her business has been the victim of theft. She decides to investigate by writing down details about certain transactions in a general journal. She bought $100 worth of inventory last January 20 from General Store Co. On the 25th of the same month, she noticed that $200 worth of inventory was gone. On the 31st, the store’s bank statement came in, and her account had a $300 withdrawal that she didn’t make. To investigate this further, Maddy would write out the following entries in her general journal:

 

  • Debit side account
    5/20/2022 [Inventory] [$100.00]
  • Credit side account
    5/31/2022 [Bank of America] [$300.00]


In this case, it may look like this:


You can read these articles to learn about making journal entries and understand more about debits and credits:

 


Please feel free to reach out to me if you need further assistance with managing general journal entries in the program. I’ll be more than happy to help. Keep safe always!

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