You can use the check-in QuickBooks online to Void Check or Delete Check feature to cancel and refund the balance deducted from your bank account. Voiding a check provides the most accurate record and is recommended for most reverse transaction checks. Deleting a transaction means that a transaction has never existed and can only be used for basic errors found prior to printing a report.
Voiding a transaction contains the most detailed record of your behavior and is used when a transaction has already happened or when you notice a mistake after printing a report. For example, cancel a check if you printed the check and found that the sum was incorrect or if the pre-numbered check was used but is smudged and unreadable. When you cancel a check, the specifics of the search, such as payee, account, search number, date, and memo, will remain unchanged, but the amount will change to zero. The test is still in the bank account list, but “Empty” is included in the memo. Void checks may be undone or returned to the original transaction.
If you delete a report, the report and all information about the search will be deleted from the list. The procedure can not be reversed, and there is no evidence that a review has been produced except in the audit trail. The deletion of a transaction is necessary, for example, when a check is reported twice or when a check is reported with the wrong name of the payee.
To void a check:
1. In the Write Checks window, open the check.
2. Choose Edit > Void Check from the menu.
3. Notice that “VOID” has been entered in the Memo sector. Type any additional transaction information in the Memo area. Indicating the reason for the canceled check will help to explain any missing checks when reconciling the bank account.
4. Review the voided transaction, then click Save & Close.
WHAT IS MY CHECK INCLUDED With THE PREVIOUS RECONCILIATION?
If you want to cancel a check that was included in the previous bank account reconciliation, you will need to undo the reconciliation and then you can proceed with the above steps to undo the check. Following that, you will push on by reconciling your account so that your general journal and reports remain in good condition.
Voiding a test is far from the craziest thing you ‘re going to have to do with running an SMB, but it’s really important to have information to keep your records up to date and your company running smoothly. Getting an effective accounting program in place helps avoid any negative financial surprises from happening, beginning with sound accounting information.
Please also visit: How to Read a Cash Flow Statement
Tax Consequences to Avoid When Converting from LLC to C Corp