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Financially Void Checks

Overview

After a check is printed, sent out, and reported to be lost or not useable, you can Financially Void the check. The Payment Method must be either a Computer Check or a Manual Check before you can Financially Void the check.

Financially Void is useful when the check payment is reconciled in a previous accounting period, and you do not want to unpost the payment to affect financial statements and the AP Aging report for the previous accounting period.

Financially Void Steps

Navigate to the Vendor Payment you want to financially void, and click the Financially Void Check button.

The Vendor Payment must be posted before you can financially void it.

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Update the Financially Void Date and the Void Description fields, then click the Financially Void Check button.

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GL Entries will be reversed using the Financially Void Date.

It is possible that the Financially Void Date could be in a different Accounting Period from the original Vendor Payment’s Posting Date. In that case, the financial statements for the original Accounting Period will stay the same.

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Using the Financially Void Date, Application Entries will be reversed too.

It is possible that the Financially Void Date could be in a different Accounting Period from the original Vendor Payment’s Posting Date. In that case, the AP Aging report for the original Accounting Period will stay the same.

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The Document Status field on the Vendor Payment with the original Document No. (Check No.) is changed to Financially Voided for audit traceability. You cannot post the Financially Voided Vendor Payment again.

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The Financially Void Date and the Description fields are also updated.

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More Information

Financially Voiding a Check and Voiding a Check - What are the Differences?

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