Void Checks - Accounting Software Secrets
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Void Checks

Void Checks

Voiding a Check or Bill Payment

 

There are two alternatives for voiding a check or bill payment, depending on the timing.  The first is voiding a check immediately, such as a problem with printing or an error discovered before the check is sent.  The second alternative is an older check or bill payment that needs to be voided.

Alternative 1 – If a check or bill payment needs to be voided immediately, there is a function within the QuickBooks software to handle it.  Simply open the check or bill payment, and choose Edit > Void Check/Bill Payment.  The check is voided as of the original transaction date and a history of the check number remains in the check register with “void” noted in the memo field.  If the transaction is a bill payment, voiding the payment will only void the payment portion of the transaction.  The bills will then be available to be paid again.  If the bills need to be voided, they will need to be handled individually.

Alternative 2 – If the check or bill payment is older, the void option does not work well since the transaction is voided as of the original transaction date, thereby affecting the previous period.  Instead, enter a deposit with a current date, coded to the general ledger account that was used in the original transaction.  When the next bank reconciliation is completed, place a check mark next to the deposit and next to the check.  The difference is zero so it will not affect the bank reconciliation in total, but both will be removed from future reports.

Consider editing the original check number to include a “V” so it is obvoius that it has been voided or add a memo to that effect on the original check.

More information on this topic

Misc. Transactions

Checks

Cash Basis Entry