There are several reasons why a company’s accounts payable department has checks and balances. One of the most important ones is to avoid mistakes. Another reason is to avoid sending out a double payment or having lost checks. This department has one main responsibility. It has to ensure that the correct payments are being sent out in a timely manner. During that process, all payments are tracked and reconciled so that no checks are lost, and no fraud is committed.
Companies of all sizes have adopted QuickBooks Check Printing Software for good reason. With this program, a small business can effectively automate its accounts payable responsibilities. Large companies benefit from the accounting software because there are so many payments going out. QuickBooks offers a great way to keep track of checks. While the software is excellent for automation and reconciling payments, the process still involves the human element. This means that even though it has been streamlined, errors can still occur. One relatively common error is writing an incorrect check. So, at some point, you may have had to figure out if you can void a check that was entered into QuickBooks. The good news is that you can do so by following a few easy steps.
Can You Void a Check in QuickBooks?
Yes, you can void a check in QuickBooks. Additionally, there are several types of checks that you can void in QuickBooks. They include:
-Standard checks
-Paper checks within the software
-Payroll checks
Regardless of the type of check or reason there was an error, it is important to void it instead of deleting it. A record has to be kept. This way when the books are reconciled, there will be no confusion or a search party sent out for what some may believe is a missing check.
How to Void a Check in QuickBooks
To void a check-in QuickBooks, the person tasked with the job will need to access the software and log into the account. The user must head to the Banking option. Then, navigate to Use Register. From there, the user needs to find the appropriate account. Once the user is in the account, they must find the correct check number and entry. Select it and pick the Void option. The software will show a prompt that asks if the user wants to void the check in the current period.
The benefit of using accounting software is that when a modification is made, it updates all related records. If the user opts to void the check in the current period, the journal is going to reflect the date that the check was voided. Otherwise, the journal is going to use the date when the check was originally written. Once the check is voided, the amount is changed to zero. The last step is to select Record. This action finalizes the void.
When a user needs to void a paper check, the first step is to navigate to Banking in the software. Then, go to Write Checks. Next, find the account that is housing the check-in question under the section called Expenses. The user must then:
-Enter the check number in the field of the same name.
-Enter the date of the check-in the Date field.
-Enter zero as the amount in the $ field.
-Enter to whom the check was payable to in the Pay to the Order of field.
Once these fields are filled in, click Edit followed by Void Check. A prompt will ask the user if they want to void the check in the current period. If yes, the date the void is made will be used. If the user selects no, the date the check was originally written will be used. Be sure to select Record so that the transaction is finalized.
To void a payroll check, the user will navigate to the Payroll Center icon if a third-party is used to process payroll. If the payroll is handled in-house, the user will navigate to Employees. If a third-party payroll processor is used, the next steps are as follows:
-Navigate to Related Payroll Activities.
-From the Show Paychecks From and Through option, enter the date range to find the correct pay period.
-Find the correct check and select Void.
The following prompts are going to depend on the third-party company that is used. To finalize the process, remember to click Done so that the paycheck in question memo’s field shows Void.
When the payroll is handled in-house, the only difference is that the user will navigate to Void Paychecks instead of Related Payroll Activities. Thereafter, simply follow the prompts. For the modification to record, you have to hit Done before closing out the window.
Voiding a Check in QuickBooks
Since the software is set up to handle a void check request, the user does not have to do any guesswork. As long as they have the correct information about the check-in question, the process simply requires the user to select the right options.
Void a Check Written from QuickBooks Online
Voiding a check written from QuickBooks online is also possible. Voiding a check means that the original transaction cannot be deleted. You can only modify the record because the record is going to remain in the books. To void a check without opening the transaction, a user can navigate to the Expense Transactions list.
Another option is to navigate to Accounting and select Chart of Accounts. Find the bank and select View Register. When you find the correct check, highlight it, and select Edit. Then, click on More and select Void. Remember to confirm the action so that it is recorded.
Users can also void a check from a batch that was already reconciled. First, the reconciliation needs to be undone. Then, it must be reconciled again so that everything remains in good standing.
Depending on your company, you may need to void a check once a week or barely once a year. No matter the reason, it should be done as soon as possible so that the books remain accurate. The only downside is that the process is time-consuming. Those who are in an industry that issues several checks might consider outsourcing the job to those who specialize in online check writing and mailing. This is a cost-effective benefit because everything takes place behind the curtain. What you and your clients see is the final product. If a batch of rebate program or marketing research checks have to be voided because they were not used, those who specialize in this area take care of it for you.
Online check writing specialists can complete tasks such as cashed check reporting, real-time USPS tracking, and multiple bank account management.
The accounts payable department of any company is always going to be busy. Ultimately, this department determines the profitability of a business because they see the payments that are leaving. For more information about outsourcing this service and voiding a check in QuickBooks, visit Checkissuing.com. You can also contact us to request more information about our check services.
