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Message |
Guest
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 Posted:
Sun Oct 16, 2005 10:06 pm Post subject:
How to Mark Check in Register That Was Never Cashed |
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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.
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Fred Smith
Guest
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| Posted:
Tue Oct 18, 2005 8:01 am Post subject:
Re: How to Mark Check in Register That Was Never Cashed |
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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.
--
Regards,
Fred
<bd@ola.moc> wrote in message news:ht15l1tahct35t6vtolrnoa75ub4m78hd3@4ax.com...
| Quote: | 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. |
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Guest
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| Posted:
Wed Oct 19, 2005 12:01 am Post subject:
Re: How to Mark Check in Register That Was Never Cashed |
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On Tue, 18 Oct 2005 03:12:29 GMT, "Fred Smith" <fredsmith99@yahoo.com>
wrote:
| Quote: | 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.
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Thanks! Sounds pretty straightforward.
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Stubby
Guest
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| Posted:
Wed Oct 19, 2005 4:01 pm Post subject:
Re: How to Mark Check in Register That Was Never Cashed |
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Fred Smith wrote:
| Quote: | Decide how you want this handled in the real world, then get Quicken to record
that.
Right |
| Quote: | If you want to pretend that the check never happened, delete it.
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.
| Quote: | If you want a record that the check was never cashed, enter a reversing
transaction.
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. |
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