To Void or To Delete a Transaction. That is the Real Question.
The question on whether to void or delete a transaction that was recorded in QuickBooks is often the question that causes many users to pause and ask themselves before correcting a transaction. The general rule of thumb is to void a transaction that was entered incorrectly and to delete a transaction that should have never been entered in at all.
Let’s say, for example, you issued a check to a vendor. A few days later you discover that the check is for the wrong amount. The vendor returns the check to you, and you issue a new check for the correct amount. The first check was an incorrect transaction that shouldn’t have happened for that amount, but it still did happen. The check was printed and sent to the vendor. For that reason alone, the check should be voided for its history to be preserved.
Voiding a transaction in QuickBooks will remove the financial effect of the transaction, but will still allow you to retain pertinent information about the transaction. For example, when we void a check, the date of the check, the check number and the name of the vendor will be saved. The check will show a zero dollar amount in the register and you can use the memo field to note the reason you voided the check.All of the information on the check is part of the historical record. We need to save it because it helps us diagnose problems later. If we don’t void the transaction, but delete it instead, it’s like saying that the transaction never happened. Since that’s not true, voiding is the best choice.
To void a check in QuickBooks:
While in the check writing screen, go to edit and select void check. If you’re in the check register, select the check, go to edit and select void check.
Note: Checks should almost always be voided in order to maintain a complete accounting of all check numbers. In other words, you won’t have gaps of missing check numbers in your check register. It’s also good practice to be able to account for all your check numbers for control purposes. Once a check is voided, the amount changes to zero and you can reconcile it with your other checks for the month when you get your bank statement.
If you delete a check you’re basically saying the transaction never happened. Delete transactions in QuickBooks only when you make a simple data entry mistake. Let’s say you are entering checks into your bank account from your monthly statement and you accidentally enter in a transaction twice. In this case voiding the duplicate check isn’t necessary since the transaction didn’t happen. In other words, the duplicate check was never printed, mailed, or authorized electronically so there is no reason to keep a record of it in QuickBooks.
To delete a check in QuickBooks:
While in the check writing screen, go to edit and select delete check. If you’re in the check register, select the check, go to edit and select delete check.
Remember, deleting a transaction removes any record of the transaction. Always be 100% sure before you delete a transaction because there is no undo button.
Void or delete a bill or bill payment check?
When deciding whether to void or delete a bill or bill payment, consider the implications of each one:
- Voiding a bill or bill payment check changes the amount of the transaction to zero, but keeps a record of the transaction in QuickBooks. Voiding a bill payment check also causes the bill or bills paid by the check to return to an unpaid status.
- Deleting a bill or bill payment check removes the transaction entirely from QuickBooks. Deleting a bill payment check also causes the bill or bills paid by the check to return to an unpaid status.
Note: If a bill is voided or deleted after it was already paid, running a Transaction Journal Detail report will display a bill payment check, but not the corresponding bill. Also, when viewing the bill payment check, no history will be available. Since there is no longer any bill or bills to associate the bill payment check with, QuickBooks will create a credit with the vendor that can be applied against future bills.
Void or delete an invoice?
It’s good business practice to keep a complete record of all transactions, including invoice numbers. Because you can still access voided, but not deleted, invoices, most of the time you should void invoices instead of deleting them. Delete an invoice only if you haven’t printed or saved it.
Once you void or delete an invoice, the change is permanent. If you void or delete an invoice and want to restore it later, you’ll have to create a new invoice.
To void an invoice:
- Open the invoice you want to void.
- From the main QuickBooks menu, choose Edit > Void Invoice.
- Save the change.
Note: When you void an invoice, QuickBooks keeps a record of the items, descriptions and rates from the original invoice but the line amounts are changed to zeros, and the invoice is stamped as VOID.
To delete an invoice:
- Open the invoice you want to delete.
- From the main QuickBooks menu, choose EditàDelete Invoice. A warning will appear asking you if you are sure you want to delete the invoice.
- Click OK to confirm the deletion.
Note: Voiding or deleting an invoice in a closed period will affect financial statements for closed periods (particularly income, since most invoices affect income accounts). For this reason, we recommend you do not void (or delete) an invoice that was created in a closed period. Instead, close the invoice with a credit memo or write off the invoice to bad debt expense in the current period. Contact your accountant for more information.
