Voiding Transactions

Voiding a transaction means that a transaction was made by mistake, and it you do not want it to affect any of the regular transactions. Why not just delete? Voiding the transaction can be a better option than deleting, because the voided transaction remains in your account for historical/data trail purposes.

NOTE: If the transaction was created as test data, or not communicated to the client it may still be better to simply delete the transaction

You can void the transaction either with the Journal Entry or without.

Voiding with Journal Entry

Under Setup > Accounting > Accounting Preferences there is an option to "Void Transactions using Journal Entry". You can select this box to create a reversing journal entry that voids checks and transactions on days or periods different than the original transaction date. Create the reversing journal entry by clicking the Void button on the following transactions:

  • Check
  • Bill Payment
  • Payroll Liability Payment
  • Customer Refund
  • Tax Payment
  • Tax Liability Check
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It should be noted that this setting has wider impacts - the transactions listed above will void using journal, however other transactions can no longer be voided at all.

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Check (type listed) displays a Void button, also available in view mode.

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A reversing Journal Entry is created - the check keeps full impact, but link to the JE is shown.

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Transaction types not listed (seen above) cannot be voided at all.

Voiding without Journal Entry

When voiding without a Journal Entry, the Void button is available in Edit mode for all transaction types. Voiding the transaction puts all amounts (quantities) to 0. Effectively the transaction has no GL impact, and the status is marked clearly as "Voided".

1 comment:

  1. I had an issue where voiding was affecting our GP negatively on accounts with Monthly Statements of invoices. Know anything specific about that?

    -Shaun from Capitol Coffee Systems