You can easily correct it with the Void or delete a check feature of QuickBooks Online, and moreover it would not impact your accounting. If the transactions that you created by mistake was of recurring nature, ensure to turn it off for recurring posting. Now you might have to decide whether you want to void the check or delete it entirely.
If you go for voiding a check, the transaction amount will become zero, but the record of the transaction will always be there in your books of account. Most of the people go for voiding the check option due to this specific reason.
But if in case you decide to delete the check entirely, the transaction will be permanently deleted from the books. The status of the paid bill will return to unpaid, and you won’t be able to find the entry related to deleted check in your books of account.
We will see how to void as well as delete the check in QuickBooks Online in the next section.
Steps to Show How can You Void or Delete a Check in QuickBooks Online
First, we will look into the process of voiding the check in QuickBooks Online:
Voiding a check that was Previously Recorded
Step 1. You need to first locate the check that you wish to void. For this, you need to click on the check register from the dashboard. You can reach there either by clicking on banking from the left-hand toolbar or clicking on the bank account on the right side of the screen.
Step 2. In the second step, you need to search for the check that you wish to void and click on it. After that, you need to click on the edit button at the bottom of the screen.
Step 3. Now you need to click on More at the bottom of the next screen then click on Void.
Step 4. If the prompt appears, you need to click on Yes. The prompt tells you about the fact that the check was used to pay the bill.
Step 5. Once you have clicked on Yes, the payment or check is void now, the bill is updated now to show as open and payable on your AP records.
Voiding a Check that was not Previously Recorded
Step 1. First of all, click on the New button on the dashboard and then you need to choose check under vendors.
Step 2. In this step, you need to create the check by filling in information like, payee name, date of the check, check number, category, correct bank account etc. After that, you need to enter the amount as zero and mention voided check in the description box. Once you are through with all this, click on save and close.
You can review your check register now where you will see that the check is voided and the amount is zero.
For Deleting the Check in QuickBooks Online
Step 1. First of all, click on the Accounting menu from the left menu bar.
Step 2. Now go to the Chart of Accounts and select the correct account by clicking on the view register under the Action column.
Step 3. In this step, you need to find the check that you wish to delete.
Step 4. At last, click on delete from the bottom of the screen and then click on Yes to seal the process.
Now when we are through with the basic procedure for deleting and voiding the check in QBO, let us look at some frequently asked questions by the users which will help you out further.
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What are the process steps to Record a Voided Check in QuickBooks Online?
First of all, click on the plus icon for New. Then you need to go to the vendors and select check under it. Now you should complete all the required fields like Bank account, check number, payment date, etc. After that, you need to select more and click on the void. Now a dialogue box will appear on the screen saying “Are you sure you want to void this?” , you need to click on Yes to confirm.
Can you let me know how can I record a voided check in Accounting in QuickBooks?
You need to start the process by opening QuickBooks and clicking on the Accounting and then add transaction. After that, you need to select the transaction type. You need to ensure that the ‘Is reversal’ check box is ticked at the top. Now you need to enter the expense transaction with some of the details as a voided transaction or check. After you have entered all the relevant information click on save the transaction.
Can you list down the steps to Enter Opening Balances of the Accounts in QuickBooks desktop?
First of all, you need to click on the chart of accounts from the company menu. After that, you need to right-click anywhere on the screen and select New and choose the correct account type. Now in the Add new account screen, fill in all the required details and click to enter the opening balance button. You need to now enter the amount of opening balance and date, if you want you can use the date before QuickBooks start date and then click on Ok. After that, you can click on the save and close button to complete the process.
Can you Please let me know the Steps to Force Reconcile an account in QuickBooks Desktop?
For this, you need to first click on the Gear icon located at the upper-right corner of the screen. Now you need to click on reconcile under tools. After that, you need to select the account from the Account drop-down menu list and enter the ending balance and ending date and then click on start reconciling. But you need to be aware that once you force reconcile an account in QuickBooks desktop, QuickBooks will create a transaction/ entry to adjust for the difference.