Hosted QuickBooks Tip of the Week: Voiding a Previous Year’s Check in QuickBooks
Most business owners do not realize that you should not void or delete checks from a previous year in QuickBooks. Doing so will change that tax year’s numbers and create additional work for your accountant to find the discrepancy in the beginning numbers for your current tax year.
Instead of voiding or deleting a QuickBooks transaction from the previous year, you can enter a deposit using the current year date you want to void the check. Use all the same payee, amount and expense account as the check you want to void. When you reconcile your bank account, be sure to clear both the outstanding voided check and the deposit. Since they are a ‘wash’, they will not change the reconciled balance.
Please tune in to next week’s QuickBooks tip.