voiding a bill payment check in prior period
What is the best way to void a bill payment check in a prior period without affecting the financial statement balances in that prior period.
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Cheryl46544
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03/06/10 7:07am PST
Viewed by asker 03/12/10 7:10am PST
Viewed by asker 03/12/10 7:10am PST
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raywhite28
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03/06/10 9:50am PST
Set a closing date to last month end. It should then void in the current month.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
06/17/11 9:22am PDT
This takes care of the check, what would I do with the open Bill that needs to be cancelled from the prior period so as not to affect that period?
06/18/11 3:46am PDT
Instead of the Void feature I would make an adjusting entry in the current month. You can record a general journal entry: debit the bank and credit the same expense the original bill hit, or you can even record a deposit, using the same account the bill posted to under the From Account column. At the next reconciliation, you should put a check mark to both the original check and the adjustment. The adjustment will show up under the deposit side even if it is a journal entry.
If the bill used an item instead of an expense account, the situation is slightly more difficult. Let me know if you need help in this area.
Reka
06/18/11 3:44pm PDT
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Yes, there was an vendor bill using items that the check paid. I appreciate your help!
