Hi Rhonda,
We
are trying to clear up our outstanding checks etc. in QB's and need to
know how to delete/void them. Some are back to 2011. Here are a couple
of different examples:
Duplicate checkcard/eft entries
Checks that were issued but have never cleared our account.
I know that we have to be careful due to our accounting method (accrual basis.) What is the best way to get rid of these?
Answer:
As
for the checks that were issued but never cashed you are actually bound
to Escheat laws. That means you must keep them in your register for 5
years waiting for the person to cash the check. After 5 years you are
supposed to notify the state, you would then void the original check and
issue a new one to the state. The state then lists this in their online
data base of unclaimed money. Believe it or not 1 in 10 people have
unclaimed money...I did and so did my husband. You can see if you have
any by going to unclaimed.org.
Click on the various states you have lived in and enter any names you
have gone by.
In order to void checks or duplicate entries the first thing you need to do is set a closing date in QuickBooks, if this hasn't already been done. If it hasn't then you must be signed in as ADMIN then go to Edit>Preferences>Accounting>Choose Company Tab>Set Date/Password>Set the date to 12/31/2012 and choose a password. Be sure you keep the password for future use...you will not be able to change entries in the closed period without this password.
Next find the
entry you want to void. Go to Edit>Void Check or right click and select Void Check. You will see the check turn to
0.00 and say void you then click Record>Yes>enter the
closing date password> and choose Yes(Recommended) when it says, "The
check you are voiding is in a closed period..." This will automatically
make the necessary general journal entries so you won't mess up prior
period reports.--Rhonda H. Smith
Your QuickBooks Coach
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