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So, you closed your books, your taxes are done, but now you realize a check you wrote in the closed period needs to be voided and re-issued. What do you do? Find the check in the register that needs to be voided. Take note of which accounts are being affected.

Typically, this will affect expense and bank accounts. Do NOT actually void the check. Voiding a check could cause issues if it was used to purchase inventory, or pay a vendor.

Create a journal entry in the current period, debiting the same bank account and crediting the expense. The journal entry will reverse the activity in the current period. If the check belongs to a vendor, we recommend using a wash account for the journal entry and re-issued check.

Using a wash account will avoid overstating the amount paid to the vendor in the current period. If you need to re-issue a check, write a new check in the current period to the same bank and expense account that you used in the reversing journal entry in Step 2, so it washes in the current period.

The new check issued in the current period will remain outstanding until cleared. The net effect is no change to the closed period. Keep your tax accountant and auditors from asking questions by providing a trail of activity that enables you to clearly identify what happened.

Here is how you can void a check in QuickBooks in a closed period: Psst…Need more help? Schedule an appointment with our QuickBooks ProAdvisor! Step 1: Find the check in the register that needs to be voided. Step 2: Create a journal entry in the current period, debiting the same bank account and crediting the expense.

Step 3: If you need to re-issue a check, write a new check in the current period to the same bank and expense account that you used in the reversing journal entry in Step 2, so it washes in the current period. Need help handling your QuickBooks account? Schedule an appointment with our QuickBooks ProAdvisor today!

Like This Article? Related Posts. Preparing for Year-End and Tax Season. December 16th, July 19th, April 26th, Go to Top.

 
 

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