How​‍​‌‍​‍‌​‍​‌‍​‍‌ to Void a Check in QuickBooks Online: Step-by-Step

Business financial management is always a winding path. There are times when you may make mistakes, such as sending double payments, losing checks in the mail, or cancelling vendor orders. Such scenarios require you to figure out how to void a check in QuickBooks Online without disturbing the balance of your entire ledger.

Although QuickBooks lets you easily record transactions, it takes a bit of skill to “undo” them without messing up your bank reconciliation. Did you know? QuickBooks can be hosted on the cloud; you just need to consult a QuickBooks hosting providers and access the software remotely from anywhere. 

In this blog post, we will learn how to void a check in QuickBooks Online, handle payroll, keep your data safe, and more. 

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Which is Better, Voiding or Deleting in QuickBooks?

Before we move ahead, we should know what voiding or deleting in QuickBooks means. Let us see that in brief. 

Voiding means? 

The transaction stays in your records, but the amount is changed to $0.00. Leaving an audit trail is crucial for transparency and tax purposes.

Deleting means?

The transaction will be removed entirely from your records as if it never existed.

#Pro Tip: Prefer going for the Voiding option.

Deleting a check causes a “gap” in your check numbers, which may be considered suspicious during an audit. Voiding not only helps tell the story of what happened but also ensures the balance is corrected.

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How do I Void a Check in QuickBooks Online? A Step-by-Step Guide

It’s pretty simple if the check you want to void was written in the current period.

Step. 1: Sign in to your QuickBooks Online.

Step. 2: Click Transactions, then, from the drop-down menu, choose the Chart of Accounts.

Step. 3: Look up the bank account the check was withdrawn from, then click View Register. Look through the list or click the filter icon to locate the check that you want to void.

Step. 4: After clicking the check, you will see a larger picture of it. Windows for the transaction will open once clicking on Edit. More button clicks, and selecting Void is the current option at the bottom of the screen. Click “Yes” when the confirmation dialog appears.

Step. 5: Revisit your register. There, the term “Void” should be present in the memo field, and the sum should be $0.00.

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How do I Void a Check in QuickBooks Online Without Messing Up Prior Periods?

When voiding a check that you made to a pre-reconciliation or closed period, you are effectively altering the starting point for the current period. Here’s a working example to illustrate how to void a check in QuickBooks Online without messing up prior periods. 

Don’t press the ‘Void’ button in the old transaction.

Make a Journal Entry for the current period instead.

You are supposed to debit the bank account and credit the correct expense account of the check amount in the journal entry. The memo should include an apparent reference to the original check number and a brief note explaining that this entry is to “void” the effect of that old check.

Your historical records remain intact, and you have adjusted your cash balance as of now.

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Step-by-Step Guide to Void a Payroll Check in QuickBooks Online

Payroll is a very sensitive area. What if taxes have already been filed or direct deposits have been issued for the payroll check? You obviously can’t just void a payroll check like a regular expense check anymore.

Step. 1: Go to Payroll and select Employees.

Step. 2: Select Paycheck List from the menu.

Step. 3: Choose the check(s) that you want to void. (Based on the check status, QuickBooks will prompt you to choose whether to void or delete it.)

In the case of a direct deposit that has already been processed, you might have to get in touch with Intuit customer service, or, if the timing is right, issue a “reversal. You should talk to a tax consultant before voiding payroll checks from a previous quarter, as you might have to file amended tax forms.

Hosted QuickBooks makes life easier; If your team can collaborate in real time, the whole process of managing these tasks is smoother. Many businesses host their QuickBooks in the cloud for always-on service and better security. By choosing a QuickBooks Hosting Provider, you get the whole QuickBooks Desktop experience but still enjoy the freedom of the cloud. Large firms can leverage the power of QuickBooks Enterprise Cloud Hosting for their inventory and multi-user environment needs.

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Conclusion

It is essential to your audit trail to have a working knowledge of how to void a check in QuickBooks Online. Go ahead and check your reconciliation reports immediately after you void a transaction to ensure your balances remain in line with your bank statement. Do you experience your accounting processes slowing down on your local hardware? In that case, move to a hosted environment that provides the speed and reliability your business needs.

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FAQ (Frequently Asked Questions)

How can I void transactions in QuickBooks Online?

In addition to checks, you can void invoices or sales receipts. For this, you just need to open the transaction, scroll down to the bottom, click “More, and then “Void.” It’s also a great way to keep a record of the “lost” sales, while very much different from deleting any sales record.

Can I do a void check online?

When you have QuickBooks Online in your hands, it’s your cloud-based service, and you can access it from basically anywhere with any web browser or the QBO mobile app.

What happens if I void a payment in QuickBooks Online?

Voiding a payment zeros out the financial transaction in your General Ledger, but the transaction history (date, check number, and payee) remains.

How do I log in to QuickBooks Time?

You can log in at tsheets.intuit.com in a web browser, or use the QuickBooks Time app on your phone by signing in with your Intuit credentials.

What is QuickBooks Time called now?

QuickBooks Time, which used to be called TSheets, didn’t change its product; it just got a new name reflecting its closer integration with the QuickBooks ecosystem after Intuit’s acquisition.