Journal entry to void a check in QUICKBOOKS | Tutorial By Cpadesk
Quickbooks give you the facility to void any check without making any changes in your original financial document. It can be done by doing a journal entry after the cancellation of the check. In this article you will come to know how to void a check by journal entry and hoe to reissue the check after voiding the check.
What is a journal entry in a Quickbooks account?
The journal entry is the entry of data or information of all your financial transactions to the general ledger of the company who is mainly responsible for making the balance sheet, the statement of profit and loss. The general ledger keeps a proper record of all business transactions which is not mentioned in any other modules.
Importance of the journal entries in Quickbooks
You may have done some mistakes in keeping and maintaining the record of financial transactions, you may put the wrong information in your financial account. If these things happened to you then you must have to do some changes to your main document. This can be done very easily by doing a journal entry in the Quickbooks accounting software.
The main purpose of journal entry in the Quickbooks accounting software is to amend and rearrange all the previous entries. It is the only way to adjust or correct all the statement of profit or loss. The process of entry journal is very simple. But remember you can make only one journal entry for only one customer. If you want to adjust or amend the account of many customers then you have to do separate journal entries for different customers.
How to void a check by journal entry in QuickBooks?
In case if you void or cancel a check in the Quickbooks, you will find that the system will void the check on the date it was written rather than on the date it was void. So, it makes some changes to your original document. You have to make the journal entry in order to keep your original information remain unchanged. You can do that by following some simple steps:
Step 1: first go to the check register and select the check you want to void.
Step 2: Then you have to enter a date of journal, remember your journal entry date should be matched with the written date of the check. Here you have to select the bank account from which the amount will be debited against the check and enter the amount of check that will be debited in the debit column as well as in the credit column so that the amount will be credited in that bank account.
Step 3: do enter the date of your recent journal entry.
How to void a check in Quickbooks in a closed period and reissue the check?
If you find the need to void the check and reissue the check that has been written in the closed period then you have to do following to void the check
- Find the check: At first, you have to find the check-in the register column that you want to void. You have to make a note in the Memo of the check you voided and the new check number of the reissued check and also the recent date by doing a journal entry.
- Create the current journal entry: You have to make a journal entry of the current date, mention the bank account that was debited, and the account that will be credited. You can create a journal entry in two ways.
A. To create a journal entry on desktop first go to Company and then select make general journal entries.
B. And if you want to make journal entry online then select create an icon, next choose journal entry from the columns.
Journal Entry Example – Journal date 06/17/2019
| Account | Debit | Credit | Description |
| Key Checking | $600 | JE to Cancelled ck #1001 in 2019; re-released 3/25/2020 | |
| Utilities Expenditure | $600 |
(Ann weaver, 2017)
3.Reissue the check: Then you have to reissue the check with the new check number with a new date. The bank account should be similar.
For example: Re-released ck #1002 from 6/17/2019 (Ann weaver, 2017)
Conclusion
The journal entry facility of QuickBooks enables you to void the check without affecting your original document. You don’t need to be a worry after voiding the check as it will keep all other information unchanged and safe.
For more info visit: quickbooks tool hub