It’s not uncommon for a committee to write a check in one reporting period only to find out the check was lost or never deposited in another! How do you enter this in ISP? Here is how to do that!
1. Navigate to ACCOUNTING > ADD TRANSACTION.
2. Select the Expense Transaction Type.
3. Make sure to check the “Is Reversal” checkbox at the top.
4. Enter the expense transaction with many of the same transaction details as the voided check. There are a few notable differences.
- The date should match the date you voided the check (although any date in the period the check is voided should be ok. You may want to check with your agency to be sure).
- The compliance note should indicate this is a voided check and what prior check you are voiding.
5. Save the transaction!