Thanks so much, I have to clear out two old Checks in my Bank Reconciliation from last year, this explanation is very helpful. I am learning a lot from your videos :)
Thank you Lance. This is so much easier than voiding to zero and making offsetting journal entries. What a simple solution. Thanks for explaining so clearly. You're a great help Thank you!
So, the thing you need to watch out for is are you changing numbers for a past period that will cause a problem. This gets a little lengthy for a comment, just think about these two things. One, yes if you are using accounts payable and you void a check that paid a bill, that bill remains and will now appear in the Pay Bills window. Two, if cash basis reports are used for financials to the bank or tax returns, etc., you need to be aware that QuickBooks uses the PAID date as the transaction date for cash basis. Accrual basis reports will use the transaction date entered, like the date you put on a bill. So, when re-issuing a check to pay a bill, you may be changing the date of that expense.
Hi Marie, voided checks will still show in the reconciliation window until you clear them. If you used the QuickBooks process of simply marking a check as voided, the check is still there, only with a zero amount. You'll need to mark it as cleared. It will have no impact on your bank balance since the amount is zero.
Yes. This is a way to reverse a check and not change numbers in a past accounting period that has been reported on in some way.. If the check is still valid, just lost or damaged, I would probably just re-print the original rather than use this procedure. I would assume that if a check was to be voided rather than re-issued, it would be too old to be accepted by the bank or a stop payment order would be created with the bank.
Thanks so much, I have to clear out two old Checks in my Bank Reconciliation from last year, this explanation is very helpful. I am learning a lot from your videos :)
Hey Maria. Thanks for stopping by. Glad it was helpful. :)
So happy to have found your lesson! I struggled with this for a long time... and now it is fixed! Thank you, thank you!
Glad it was helpful!
Thank you Lance. This is so much easier than voiding to zero and making offsetting journal entries. What a simple solution. Thanks for explaining so clearly. You're a great help Thank you!
Great. Glad that works for you. It's the solution I've always used.
Thank you! Just what we needed. Very well explained and presented.
Glad it was useful. Thanks!
Thank you so much! now I know what to do when a period has been closed and I need to void a check from a closed period , very well explained!!!
Great! Glad it was helpful. Thanks Betty
Thank you very much!!
very helpful TY
What about voiding and reissuing check? Once voided in a different month, will the invoice it paid go back to outstanding?
So, the thing you need to watch out for is are you changing numbers for a past period that will cause a problem. This gets a little lengthy for a comment, just think about these two things. One, yes if you are using accounts payable and you void a check that paid a bill, that bill remains and will now appear in the Pay Bills window. Two, if cash basis reports are used for financials to the bank or tax returns, etc., you need to be aware that QuickBooks uses the PAID date as the transaction date for cash basis. Accrual basis reports will use the transaction date entered, like the date you put on a bill. So, when re-issuing a check to pay a bill, you may be changing the date of that expense.
Thank you!!!
Glad it was useful!
Why are voided checks showing on my bank reconciliations.
Hi Marie, voided checks will still show in the reconciliation window until you clear them. If you used the QuickBooks process of simply marking a check as voided, the check is still there, only with a zero amount. You'll need to mark it as cleared. It will have no impact on your bank balance since the amount is zero.
I guess this would only be for old cheques. My fear is that someone tries to cash the cheque.
Yes. This is a way to reverse a check and not change numbers in a past accounting period that has been reported on in some way.. If the check is still valid, just lost or damaged, I would probably just re-print the original rather than use this procedure. I would assume that if a check was to be voided rather than re-issued, it would be too old to be accepted by the bank or a stop payment order would be created with the bank.