We deal with different transactions and deals every day when we have a business and it’s very important to record all the transactions with monetary impact but sometimes your accounting may have an error by posting the transaction. When the books record an incorrect balance in your accounts it’s not attracting in your financial statement as well.
Now have you started worrying about your accounts? Don’t worry QuickBooks online is your solution. It helps you void and delete the transactions in QuickBooks Online to correct your ledger balance and your financial statement.
What is the need to void a transaction?
Voiding a translation does not completely erase the data from the books and doesn't create an impact on ledger book balances and your other balances. And any time if you want to open your records then you can easily go and access them but if you choose to void an invoice in the application, QuickBooks does not void any payments that are recorded for the invoice.
What is the need to delete a transaction?
Sometimes you need to correct some transactions like estimates, deposits, supplier credit, purchase orders, delete changes or delete bills and credit that can’t be voided. But you need to be very sure that if you want to delete a transaction because once a transaction is deleted it will disappear from the cookbook account and you won’t be able to recover it.
Note: You might be able to extract some dome details after deleting but it won’t be the full details.
Do you want to know the steps of voiding a transaction in QuickBooks online?
- On QuickBooks, select sales and open expenses.
- Then choose the transaction you wish to delete.
- Once done, be reassured that you want to void or delete from your books.
- Include the void or delete date and add a note in the memo or message section of QuickBooks.
- Once you are done selecting and reassuring, click yes to confirm and your account will be voided or deleted.
Do you want to know how to void checks from check page?
- Open expenses.
- After opening expenses click on the filter.
- There on the type field select check.
- Now you’re supposed to select the data range in which the check was received and then click Apply.
- Select check to void it from the expense transaction that opens up in the check screen.
- After that click more and select void from the pop-up menu.
- Once done click yes to confirm to void the check.