Void a transaction when you need to remove the financial effect of a transaction, but still need to retain certain information. Make sure you are working in an open accounting period when you use the void function.
Let’s say, for example, we issue a check to a vendor. A few days later we discover that the check is for the wrong amount. The vendor returns it to us, and we issue a new check. The first check was a wrong transaction, it shouldn’t have happened for that amount, but it still did happen. The check was printed and sent to the vendor. It needs to be voided in the register, with a note in the memo line explaining what happened. The history must be preserved.
When we use the void function in QB, important information is saved:
- the check number
- the name of the vendor
- the date
- the reason for the void
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.
Key to Voiding: void in open accounting periods for wrong transactions that actually happened.