A voided check is one on which the word “VOID” is written across the front. Some financial organizations will void a check so that it can no longer be used as legal money. Individuals or organizations wishing to connect to your bank account can still use the electronic banking information included within. The bank issues the voided check for a variety of reasons. You can either invalidate a check or request a voided check from another person. In addition to this, you can also unvoid a check in QuickBooks to cancel a particular payment or invoice that you accidentally recorded.
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When do you need to utilize the Voided checks?
It is impossible to fill out, cash, or deposit a voided check. That may make it appear pointless, but a voided check has a specific purpose. The voided check makes it easier to communicate your banking information with others. To protect yourself from fraud and identity theft, you should usually keep your banking information secret. Keep your checkbook, blank checks, and copies of your checks out of the reach of others.
A voided check comes in handy when you need to offer your financial information to someone else for a genuine reason. Rather than risking a mistake by transcribing your bank’s routing number and account number from the bottom of your check onto a form, you can supply a voided check that already has that information printed on it. Your voided check can be used to set up an electronic transaction for your account by the person who receives it.
The voided check can be used for the following reasons:
- You can use the voided check so that you can allow your employer to transfer your income or wages directly into your bank account.
- Allow your company to transfer your expense reimbursements directly into your bank account.
- Create an automated loan payment system (e.g., mortgage, student loan).
- Allow a government agency to deposit your benefits checks directly into your bank account.
- Create an automated bill paying system (e.g., utilities, credit cards).
If you made a mistake writing out a check but don’t want to throw it away or shred it, you can write “VOID” on it. This sort of voided check is useful for keeping records. Because checks are numbered sequentially, destroying a check rather than marking it “VOID” may cause you to forget that you didn’t use it later.
What are the consequences of voiding a check?
- After you’ve voided a check, it’s effectively disabled and no longer usable.
- It makes no difference if someone else takes up the check and tries to erase it.
- You can’t use the check if you’ve put “VOID” extensively and plainly throughout the entire check.
- However, because those numbers are related to your bank account and not individual checks, you can still use that check to get or submit your bank routing and account numbers.
Ending Note!!
So, here we come to the end of the blog on the voided check and hope that you found it informative. You can also unvoid a check in QuickBooks if you have recorded any transaction twice in the books of accounts. For any further assistance, consult with our experts.
