Recording these journal entries preserves the accuracy of your financial statements for the closed period. By doing so, voiding the check and recording the reversing journal entries will not interfere with your bank reconciliation. Note that QuickBooks automatically sets the Clr flag for both journal entries, just like it does for the voided check. You can find it by clicking on the Company->Set Closing Date… menu selection. To see this process in action, first verify your Closing Date. Later in this article, we’ll describe how to manually make the reversing general journal entries when voiding a bill payment check from a closed period. QuickBooks only provides the option to automatically reverse voided checks, not bill payment checks.
If they’re other account types, you’ll have to construct reversing general journal entries on your own.Ī bill payment check is similar to a check, but it is actually a different transaction type. However, this option to automatically add a reversing general journal entry comes with a big stipulation: the accounts associated with the check must be expense accounts.
When you’ve specified that your books are closed through a given date, in addition to performing the above steps, QuickBooks gives you the option of automatically adding reversing general journal entries so that accounting reports for the closed period are not affected. adds the text VOID: to the beginning of the Memo.changes the original amount of the check to 0.00.
0 kommentar(er)
