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Void a Bill from a Prior Period

You may need to void a Bill or part of a Bill amount from a prior financial period.  To do so, you will need to create 2 Journal Entries, the first in the prior period and the second in the current period.  This method allows the prior period financial records to remain correct, but lets you zero out the balance in Accounts Payable in the current period.  See below for detailed instructions.

Solution Description
1. Step 1 is to make a Journal Entry in the prior period:
  1. First, make a backup of the company file.
  2. Click the Company menu up top then click Make General Journal Entries.
  3. On the first line of the 1st Journal Entry, change the account to Accounts Payable, enter the amount of the Bill you want to zero out in the Credit column, and put the name of the vendor in the Name field.
  4. On the second line of the 1st Journal Entry, change the account to the Expense account you used on the Bill, and enter the amount of the bill in the Debit column.
  5. Make the date of the first Journal Entry as the same date as the Bill.
  6. Click Save and Close.
2.  Next, void the Bill from the prior period.  The Journal Entry you made above serves to preserve that amount so your financial reports will be accurate.
 
3.  Create a second Journal Entry (reversing) in the current period:
  1. Click the Company menu up top then click Make General Journal Entries.
  2. On the first line of the 2nd Journal Entry, change the account to Accounts Payable, enter the amount of the Bill you want to zero out in the Debit column, and put the name of the vendor in the Name field.
  3. On the second line of the 1st Journal Entry, change the account to the Expense account you used on the Bill, and enter the amount of the bill in the Credit column.
  4. Make the date of the 2nd Journal Entry sometime in the current period.
  5. Click Save and Close.
4.  Pay the Bill from the prior period.
  1. Go to the Vendors menu up top and click Pay Bills.
  2. Select the Bill from which you voided.
  3. Click the Set Credits button.
  4. Apply the credit to the Bill and click Save & Close.

If this solution does not resolve the issue, please review other available QuickBooks support options for additional guidance. You can also read and post messages relating to your issue on the QuickBooks Community forums.

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KB ID# HOW12978
10/31/2014 12:15:42 PM
PPRDQSSWS407 9102 Pro 2013 514ee0