You discover you've written the wrong check or sent it to the wrong vendor since you have so many to keep track of that things may get jumbled up. Worse, you may have written a check without first checking your bank account balance, and your check may now bounce owing to a lack of money. You don't want your vendor to deal with a bounced check cost, and you don't want to pay any penalties imposed by your bank. You also don't want to deal with the embarrassment of a failed check-it may be disastrous for your business! You may invalidate payment in QuickBooks Online before you get into a difficult position with a faulty or unintentional check. Learn how to invalidate a check using your convenient QB online login below. Steps to Void or Delete a Check in QuickBooks Online.
Where Does The Term "Void A Check" Come From?
A cancelled check merely implies that the original transaction has been cancelled. When you void a check, the check's record is kept in QuickBooks Online, but the check's dollar value is reset to zero. The check number, payee, date, and note field are all saved in your records in case you need to look up the cancelled transaction later.
How Do I Avoid An Online Check In QuickBooks?
In QuickBooks Online, voiding a check is simple. Not only does voiding checks keep your profit and loss statement and Check Register accurate, but it also guarantees that your accounts payable records are always accurate if you use QuickBooks Online's accounts payable capabilities correctly.
Void a check already recorded
1. Find the check you wish to cancel. Going to the Check Register is the simplest way to do this. Click on Banking in the left-hand toolbar or on the bank account under Bank Accounts on the right side of the screen from the Dashboard. On the following screen, select "Go to Register." If necessary, use the filters to find the check you wish to void:
2. In the Register, click the check line, then the Edit button.
3. Select Void from the More menu at the bottom of the next screen.
4. On the dialogue box, click the "Yes" button. The message informs you that the check was written to settle a bill. When you select Yes, the payment is cancelled, and the bill is changed in your A/P reports to appear as open and payable.
5. Select "OK" from the drop-down menu.
6. Examine your Checkbook. The check will now show $0 and has been invalidated.
Void a check not previously entered
1. On the Dashboard, click the "New" button, then choose Check under Vendors.
2. Create the check in the normal manner. Fill in the following information: (a) payee name, (b) check date, and (c) check number. Check that you've chosen the right (d) bank account. The (e) category isn't particularly essential, but it can't be ignored. Finally, write $0.00 in the (f) amount field and indicate that it is a voided check in the (g) description box. Finally, press the (h) "Save and Close" key.
3. Examine your Checkbook. The check will now show $0 and has been invalidated.
We recommend following this method to void the check number in QuickBooks Online, even if you cancelled the check because a vendor or customer required it to set up electronic payments for your business.
Void a check from a prior accounting period
There is an exception to utilizing the above-mentioned QuickBooks Online features to invalidate checks. If you discover that a check from a previous accounting period has to be cancelled, you'll need to follow a different method to maintain your records correct. If the check to be cancelled was written in a prior month, this updated procedure isn't required. However, if it was written in a previous year and the books for that year have been closed, you should follow this revised procedure.
This modified method will keep your bookkeeping correct while preventing modifications to your closed books.
1. Make a deposit to compensate for the Check that will be cancelled. From the dashboard, choose Bank Deposit under Other, then click the "New" button.
2. As usual, fill out the Bank Deposit form. Make that the (a) bank account is correct and the (b) date is in the current accounting year. To make it simpler to identify this adjustment entry, start from 1/1 or end at 12/31 of the current accounting year. Enter the name of the vendor to whom the check was written in the (c) "received from" box. Use the same (d) account as the check you're voiding (if the original check was divided across several chart of accounts categories, you may construct a multi-line deposit), and in the (e) description, write "Entry to void check #(check number) from prior period." The fields for "Payment Method" and "Ref. No." can be left blank. Finally, input the original check's (f) amount and click (g) save.
3. Mark the original check as reconciled, as well as the deposit you just made. You may either do this at your next reconciliation or mark the transactions in the check register as reconciled.
If the voided check was used to pay a bill that is still due, you must generate a new bill that is dated in the current accounting year (choose 1/1 of the current year to make the adjustment easier to make).
Keeping reconciliations accurate
If you invalidate a previously reconciled check, you must first reverse the reconciliation and then reconcile the account again, selecting the right transaction for your reconciliation this time (you will never void a reconciled check).
However, until they are designated as reconciled, voided checks will continue to appear on your bank reconciliation page. If you have a lot of voided checks, your reconciliation screen will get crowded, which might lead to mistakes.
Select these $0 entries on your next reconciliation or mark your voided checks as reconciled in the check register.
If you're still having difficulties in putting a void Check in QuickBooks after following these procedures, you may reach out to the technical support team on our website for help. We have a well-trained personnel that will provide you with the best help and services available.
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