tag_hash_104tag_hash_106Checking accounts aren't all about checks. They can also be used to receive direct deposits and make automated payments. These transactions can simplify your finances and give you more control over your deposits and withdrawals.
In some cases, you can set up automated transactions online. In other cases, though, you'll have to fill out some paperwork and provide a voided check, which contains your bank's routing number and your account number on it.
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If you have to provide a voided check, you don't have to request one from your bank or credit union. You can just detach a check from your supply and write "VOID" on it yourself. The word "VOID" doesn't have to cover the entire check, but it should be big enough and dark enough, written in blue or black pen, so that the check cannot be used. Don't write over the banking number information at the bottom of the check.
A voided check cannot be filled in, cashed or deposited. That might make it seem useless, but in fact a voided check has a specific purpose, which is to make it easier for you to share your banking information with someone else.
Usually, you should keep your banking information private to protect yourself from fraud and identity theft. Don't leave your checkbook, blank checks or copies of your checks where other people can find them.
When you need to give your banking information to someone else for a legitimate purpose, a voided check can be handy. Rather than copying your bank's routing number and your account number from the bottom of your check onto a form and possibly making a mistake, you can provide a voided check that already has that information printed on it. The person receiving your voided check can use that information to set up an electronic transaction for your account.
You can also write "VOID" on a check if you made a mistake filling it out but don't want to throw it away or shred it. This type of voided check can be useful for record-keeping. Since checks are sequentially numbered, if you destroy a check rather than mark it "VOID," you later might not remember that you didn't use that check.
A voided check can't be deposited and no one will be able to fill out the check, cash it and take money from your account. A voided check does still have personal information like your account number and your address, however. You'll want to be mindful of who you give a voided check to and protect a voided check like you would your checkbook.
In many cases, a voided check will be the easiest way to authorize direct deposits or auto-pay. But if you don't have a supply of paper checks or you don't want to sacrifice one to be voided, you'll have to figure out an alternative.
Employers often use voided checks to set up direct deposits for their payroll, and service providers may need them to set up direct debits. This is because a blank check has all the information they need, such as routing or account numbers. Using a voided check reduces the likelihood of a transcription or other type of error.
You cannot deposit a voided check. If you deposit a voided check in an ATM, it may be briefly accepted. But once the error is identified, the cleared funds will then be removed from the recipient's bank account and returned to the original owner and a fee may be charged. If a voided check clears, customers can file a claim when they receive their statement.
You can easily void a paycheck or other payment through QuickBooks or other accounting software. In QuickBooks, you can do this by finding the payment under "Expense Transactions" and selecting the action "Void." The process will be similar to other accounting programs, and you can generally find specific instructions through the Help menu.
Any other accounting software I have ever used allows you to put in a "void" date so you can void the check in the period you are actually in. It then debits the check amount back to the checking account and credits accounts payable and opens the invoice back up for payment. I have never worked with accounting software that requires you to do all of this manually. This makes no sense. It is such a common thing. I don't understand why Quickbooks hasn't fixed this issue.
Same all other software I've used allows you to assign a void date. We recently switched to QBO and this is one of the most frustrating issues. Having to go through all of this to void a check and track it. Also have to keep up with any payment voids that may affect a vendors 1099 record. I hope QBO adds a fix to this soon.
Same, all the other software I've used allows you to void the actual check, enter a void date, and open the payable back up so that a new check can be reissed. I hope QBO updates their software to allow for this. Also, seems like we'd have to keep track of voids to ensure we are entering correct 1099 information.
can you explain this more. I need to clear the checks i want to void, but then I also need the liability to issue new checks. Do I make a journal entry into the liability for the total amount after I've cleared all the old checks?
I appreciate you for coming back to the thread to add further clarification about your concern. With this, I'll share details on how an entry works in QuickBooks. Then, ensure you'll be able to achieve your goal.
You may want to clear out old outstanding checks from your checking account during this time of year when financials and tax returns are being prepared. QuickBooks warns that voiding a check from a previous year or closed period may affect the accuracy of your prior period reports and account balances.
Furthermore, I recommend consulting an accountant to ensure your records are in order. They can offer advice on how to handle the situation properly in voided payment check, particularly with the category/account to use when voiding an entry.
I have followed your steps for a check that was originally issued on 8/3/2021. I don't see these general journal entries automatically completed by QuickBooks. Where can I see these two general journal entries that QuickBooks automatically creates for my deleted check and the check that I re-issued?
Additionally, when we delete paychecks in QuickBooks, the system will auto-create an adjustment check to zero out the check. Hence, I highly suggest consulting your accountant for proper guidance. They know better how to handle this matter.
I want to make sure everything is taken care of for you, please let me know how it goes or if you have any other issues or concerns. Just leave a comment below and I'll get back to you. You have a good one.
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if I open the period the original check was posted in - then void it - changing the posting dates to the current open period - will it NOT affect the closed period financials AND the voided transactions will appear only in the current open period. Is that correct?
when I opened the prior closed period I ran into a problem - it wanted to recalculate balances..I don't think that is correct. I checked balances and it was off by 400K from my records for the prior closed period. I closed everything down, contacted my IT to restore the file, then opened it again and saw everything was back to normal.
The 'posting date' is the date it will affect the general ledger. The void date is the date it will affect the sub-ledger. If I understand the scenario you described, the voided transaction will affect the GL on the posting date you have changed it to in the Void Historical Payment Transactions window and it will affect the subledger on the void date on the Void Historical Payment Transactions window.
Shouldn't you be voiding the check in the current open period? This way, cash and AP/AR would change in the open period. I can imagine that an accounting professional would want you to be changing prior period balances?
This is the cleanest, clearest, easiest way that I have seen explained. I can make a deposit in December 2018 referencing all of the checks that I am voiding, both from 2017 and 2018. I'll use the same accounts used on the original checks, the bills will not need to be dealt with at all. 2017 and earlier months in 2018 are not changed at all. I can then reconcile December checking, clearing all of the voided checks and the deposit I 'created'. Wonderful! Thank you, thank you, thank you. Michelle, you're the best!
When Using the QuickBooks Desktop version I was using previously, a Journal entry was automatically created to offset the voided check in the prior billing period. The online version does not do this. I made a suggestion on their site to add the feature to online QB. I more people request the change, it might help the cause.
How do you void a vendor check in QB Desktop for a prior year without impacting the prior year financial statements? I've heard that QBD automatically creates a journal entry so the financials are not impacted, but have not had any lick finding exactly how to do it.
You can make a deposit with the current date for the total amount and post it to the Other Current Liability account. Once done, create a replacement check to pay out the liability. The deposit should clear against the uncashed transaction to zero out reconciliation.
This is really a bit ridiculous. If QB wants to be an accounting system it should be an full fledged accounting system. You should be able to date a voided check as well as a bill so it does not effect the prior year. I have a case where I do not want to reissue the checks that are voided and while I can do a JE to clear out the AP liability and the expense in the current year, I can't clear the actual bill without deleting it which will also change the prior year balances. How do I void the check in a prior year and void the bill without effecting the prior year balances? 152ee80cbc