QuickTips™:Voiding Checks from Prior Periods by QuickBooks® Made Easy™
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This month’s QuickBooks® Made Easy™ QuickTips™ is all about voided checks. Specifically, it shows you what to do if you need to void a check that was issued in a prior period. This tip will work with all Editions of QuickBooks®.
Do you know what to do if there is an old check that will never clear? Thought so, it’s ok you are not alone! No more ignoring that check, now you will be able to sleep without waking up with night sweats worrying about that darn check that was written in 1999 while you were still in college sowing your wild oat…notice how I said “oat”? After all, most of us accountants don’t have a lot of oats to sow. Well most of us anyway. Which makes me wonder, what the heck does it mean to sow an oat? Do farmers have to do that? If someone knows the answer, please tell me. Anyway, in this month’s QuickTip I walk you through on how to void a check that was written in a prior pay period.
What’s covered in this Month’s QuickTips™: Voiding Checks (This is a really good one if I do say so myself, which apparently I do! So watch the video!):
1. I teach from the future (Don’t get caught up in temporal mechanics, you will get a headache)
2. Don’t Delete Checks (Unless it is a duplicate)
3. I like the word mangled!
4. Always void (Again, unless it is a duplicate)
5. Voiding changes dollar amount to zero (Remember to hit Save & Close)
6. Most important thing, the date doesn’t change, voids as of date written!
7. Voiding as of the date written can mess up prior years/months numbers. You don’t want to do this if the tax return was done
8. Void instead using journal entries — don’t freak out, QuickBooks can do it for you!
9. Pop up window when voiding prior period check (Only PC Desktop), click yes to void in current period which will leave the prior period amounts unchanged
10. What happened? It voided the check and added journal entries
11. Some people create a voided checks income account so it doesn’t skew your numbers
12. If you have Online or Mac Edition and want to void a check in a prior period? You do what QuickBooks PC Desktop would have done for you (you can freak out now):
- Void Check as of the prior period
- Create Journal Entry to Replace it, make it the same date as the check
- Then 1st day of next period enter a reversing journal entry that serves to run the void through the current period
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