When you void a check in Payroll, you can control the Check Date and Accounting Date for the reversing entries. If you're unsure what accounting date and check date to use for a void, contact your accountant or tax advisor. Check date The check date controls the period used for reversing tax amounts. This affects tax reporting for the reversal period. It also controls the period used for wages, fringes, and deductions, which affect employees' totals. Voiding a check using a check date in a prior period will affect tax reporting for the prior period. You may need to amend filings and tax payments. Accounting date The accounts date controls the period used for reversals in General Ledger, Job Cost, Equipment Cost, and Billing. This applies to all cash, cost, and liabilities associated with the check. Voiding a check using an accounting date in a prior period will affect financial reporting. You may need to amend your submitted financials. |