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DCTLori
Jul 28, 2020 4:55 PM UTC
Solved

Void a check from prior fiscal year

What account should use for the general journal entry to fix a voided check from the prior fiscal year?

BigRedConsulting
BigRedConsultingAnswer
Jul 28, 2020 5:47 PM UTC

Some might say the same account used on the check.

 

But...  what is it you you need to fix regarding a check voided in a prior year? How is that different than a current year voided check?

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8 replies

BigRedConsulting
BigRedConsultingAnswer
Jul 28, 2020 5:47 PM UTC

Some might say the same account used on the check.

 

But...  what is it you you need to fix regarding a check voided in a prior year? How is that different than a current year voided check?

DCTLoriAuthor
Jul 28, 2020 5:56 PM UTC

After the Prior year check is voided, you need to do a GJE to make sure the (prior year) balance sheet remains the same and the reversal recorded in the current period/year.  There are 2 accounts associated with a GJE, one being "Donations", what other account would I use?

 

    cobywheel
    Mar 9, 2023 8:35 PM UTC

    Can you describe what these General Journal Entries would look like?

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