How do I mark a check in a register that was sent out in April through Quicken Billpay, was sent back to me and is now past the void after 90 days written on the check?
Q2006 won't let me void the transaction. I want to make sure my balances are updated correctly and I want to keep a record that the check did go out so deleting it is a last resort. Leaving it as is skews the ending balance.
Decide how you want this handled in the real world, then get Quicken to record that.
If you want to pretend that the check never happened, delete it.
If you want a record that the check was never cashed, enter a reversing transaction. Enter the same check number (ignore Quicken's warning), the same payee, a description like "Check not cashed" and the same amount (as a deposit).
When you reconcile your bank account, clear both the check and the deposit, and everything will balance.
Thanks! Sounds pretty straightforward.
Right
Not right if it took up a check number. If a check was printed and is just out there floating around, leave the entry in your register. If you have a policy of "Not valid after 90 days" put a reminder on your calender to revisit the check. If it has been lost, void it (control V) at that time. I do this a few times a year.
No. That's not what happened in the real world. Void the original transaction. That will set the amount to $0.00 and your final balance will be right. But as long as there is any possibility the check will be processed, the entry must stay in your register. And, you don't want to muddy the waters by entering fake "reversing" transactions.
NB: Writing "Void after ..." is not enforced by your bank. That is an instruction to the payee telling him to get the check reissued if he wants the money after a year and it lets you void the entry in your register.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.