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Level 1

Void old checks?

What is best way to void checks issued in a closed period. 

Does the adjustment to cash and the expense dated in the current period ?


I tried to do this and i got a warning about adjusting a closed period and need tohave the credit to expense occur in current period not in prior period

Solved
Best answer 10-15-2018

Best Answers
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Level 1

Void old checks?

This is how I handle this problem. However I use QB's Enterprise, but it should work the same way.

Due to accrual accounting, you never want to change anything in the closed period if you can help it, as this will usually change totals on your month end figures. After discussing with our accountant I proceed as follows;

First I write down all the info from the check I want to void. Make sure to note the date, amount and number. Then clear the check in the current period, as if it was paid.

Next make a journal entry to reverse the payment in the current period using the current date. That will put the money back into the bank account without changing any of the previous accounts used to pay the invoice.

Now you are ready to re-issue the check. You are simply going to write a check out of the bank account. Do not try an re-enter any of the previous information. You should note the invoice number in the memo field, and also that this is replacing a voided check. This way the original transaction stays in place, and does not change you earlier records.

Once you have completed the paperwork side of this, make sure you actually place a stop on the original check number with your bank! 

I hope this work around is useful to you, and good luck!

View solution in original post

5 Comments
Highlighted
Level 1

Void old checks?

This is how I handle this problem. However I use QB's Enterprise, but it should work the same way.

Due to accrual accounting, you never want to change anything in the closed period if you can help it, as this will usually change totals on your month end figures. After discussing with our accountant I proceed as follows;

First I write down all the info from the check I want to void. Make sure to note the date, amount and number. Then clear the check in the current period, as if it was paid.

Next make a journal entry to reverse the payment in the current period using the current date. That will put the money back into the bank account without changing any of the previous accounts used to pay the invoice.

Now you are ready to re-issue the check. You are simply going to write a check out of the bank account. Do not try an re-enter any of the previous information. You should note the invoice number in the memo field, and also that this is replacing a voided check. This way the original transaction stays in place, and does not change you earlier records.

Once you have completed the paperwork side of this, make sure you actually place a stop on the original check number with your bank! 

I hope this work around is useful to you, and good luck!

View solution in original post

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Level 2

Void old checks?

This is helpful.  Question what if the check is not being re-issued.  How would I record sales tax paid?
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Level 1

Void old checks?

If you are not going to re-issue the check/payment you will need to reverse the transaction in the current period with a Journal Entry. Make sure you enter the correct accounts to match the original check. The difference is you are going to be reversing the transaction so that the money is put back into your bank account, and deducted from the accounts the check affected. This includes the sales tax account. Your sales tax paid will be corrected by the adjustment in the current period. So when you pay the current period sales tax, that adjustment will be there.

Hope this helps.
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Level 1

Void old checks?

What do you do if the voucher was booked to the wrong vendor?  I not only have to reissue the check, but void a voucher and reenter it to a different company.  

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QuickBooks Team

Void old checks?

Hello there, @Libbpatt.

 

Let me walk you through on how to void a check in QuickBooks Online.

 

  1. From the left menu, click Expenses.
  2. Select the Expenses tab.
  3. Find the check transaction.
  4. Click the View/Edit under the Action column.
  5. Select More, then choose Void.
  6. Hit Yes to confirm voiding the transaction.

Once done, you can now re-enter the check.

 

Here's an article for your reference: How to Void or Delete Transactions.

 

You might also want to read this article to learn how to undo voided transaction: How to Undo a Voided Transaction.

 

That's it! Let me know in the comment section below if you have any other questions about QuickBooks transaction. It'll be always my pleasure to lend a hand.

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