While this might seem straightforward, it can complicate your financial tracking and may impact things like inventory/ stock. Be cautious with this approach, as it completely removes the invoice and could leave you without important records that might be needed later on. We often get questions from our Australian customers about whether to cancel or delete invoices in QuickBooks. So, I thought it might be helpful to talk about the differences and what they mean for your records. How do you know if a transaction has been voided, edited, or deleted?

How to Edit Transactions in QuickBooks Online

You have just learned How to Edit, Void and Delete Transactions in QuickBooks Online. I hope that this tutorial and tips come in handy and that you are gaining confidence in working with QBO transactions. When you click on this transaction, you will see VOID as the payment status, and the amount is zero. The rest of the details are still existing, giving you an audit trail. Sometimes you will need to delete a transaction that was added by mistake.

In fact, I was just talking to one of my employees and showing him the “proper” way to do something in QBO. It occurred to me that the only reason I know how to do that correctly is because I’ve made mistakes in the past. Voided transactions still appear in the account register, but with a zero amount, so it doesn’t affect your balances. If you decide to make changes to an invoice and want your customer to be informed, remember to choose the “Save and send” option. Otherwise, they won’t receive any updates regarding those changes. If you’re still not sure whether to void or delete a transaction, reach out to your accountant.

Delete a Transaction

Before you delete a transaction, you should know that Delete completely removes the transaction from QBO. I prefer to VOID, what financial statement lists retained earnings reason is I’ll still have a trail on what I’ve done with the transaction. Let’s say that you need to fix some part of a transaction – like the date, amount, account classification, or the  description.

Of course, it’s always wise to check in with your ProAdvisor or accountant before making these kinds of adjustments. They can provide guidance that fits your unique situation. Some folks find it useful to void an invoice and then create journal entries to balance things out. On the other hand, deleting an invoice means you’re erasing it from your records entirely.

Understand the difference between voiding and deleting a transaction

1. In this article, we’ll show you the difference between voiding and deleting transactions and how to do it.
2. I hope that this tutorial and tips come in handy and that you are gaining confidence in working with QBO transactions.
3. Voided transactions still appear in the account register, but with a zero amount, so it doesn’t affect your balances.
4. If you void a transaction, the record of it remains in QuickBooks but it won’t affect your books.
5. They can provide guidance that fits your unique situation.

When you void an invoice, you’re essentially cancelling it, but it still keeps a record in your system. The invoice amount changes to zero, which means it remains in your reports. This action will affect your accounts receivable and balance sheet, but the advantage is that you retain a history of the transaction.

How to Edit, Void and Delete Transactions in QuickBooks Online

Even though it’s simple to correct mistakes, you need to keep a few things in mind. Learn how to void and delete a transaction in QuickBooks Online. Let’s continue to work with the same transaction, lets say you have a duplicate that needs to be voided. Let’s say there’s an error in the date entered, the type of payment, account or amount. Just correct the items as needed and click Save and Close. QuickBooks deletes the transaction, but it will still appear in the Audit Log, so you and your account have a history of the deletion.