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tedschultz45
December 13, 2018
Question

Will a voided check in a subsequent period from the issue date change the beginning balance in the bank reconciliation this period?

  • December 13, 2018
  • 1 reply
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1 reply

john-pero
john-pero
December 13, 2018

Yes.

 

Voiding a check reverses the amount of the check as of the original date of the check. That is why even in cash accounting it is best to enter a reversing entry in current period rather than voiding in previous period. The check might have been an expense or a bill payment when written but voiding it upsets the financials for the period it was written in. If you must void, enter an offset for same date, then void; and follow up with a reversing entry in current period.

 

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    LorraineAtPlaces
    September 16, 2021

    On 9/9/21, I voided some checks from 2020 and 2019.  Now when I go and try to reconcile my bank account (today is 9/16/21 and the last reconciled month was 8/31/21) the beginning balance is off by about twice the amount that was voided.  How can I solve this issue?

    Thanks in advance for any help!!!

    M
    Mich_S
    September 16, 2021

    Thank you for joining the thread, @LorraineAtPlaces.

     

    I wanna make sure you have an accurate beginning balance so you can reconcile your account seamlessly.

     

    To correct the beginning balance, you can re-enter the voided transactions. Another option is to create adjusting entries. This will help you get rid of the balance or discrepancies that's showing in your records. Once done, you can now proceed with reconciling your account.

     

    Here are the steps to enter an adjusting entry:

    1. From the left, select the Accounting menu. Then, go to the Reconcile tab.
    2. Reconcile your account.
    3. Once done reviewing everything for errors, hit Start reconciling.
    4. Click the Finish now drop-down.
    5. Hit Done.

     

    I'm also adding these helpful articles. This will help you access and manage reports in QuickBooks:

     

    Message us back if you have other concerns with QuickBooks and reconciliation. The Community is always ready to back you up. Have a great weekend!

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