When you void a check in QuickBooks, the amount of the original transaction is changed to zero as of the date of the check.
To void a check from the current fiscal period:
- Display the check you want to void. (Locate the check by looking in the Vendor Center)
- From the Edit menu, click Void Check
- Enter the explanation in the check Memo field
- Click Save & Close to record the transaction
QuickBooks changes the check amount to zero (You will see 0.00 in the clearing account) and adds the word "Void" to the memo.
Bill.com syncs a journal entry to the clearing account for the credit to balance out the Funds Transfer entry.