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April 21, 2011 by

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Columbus Global

No, It’s Not Harder and More Complicated Posting and Voiding Checks in Microsoft Dynamics GP vs. Quickbooks!


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Did you know that in QuickBooks, you can’t void a transaction and have that void affect the current period by simply voiding it? For example, if the accounting manager voids a check from a prior year or period, the checking account balance is adjusted from the date of the voided check. This creates the following problems: 

  1. The bank reconciliations that have been prepared for the month of the voided check and all subsequent months are now incorrect.
  2. Previously printed financial statements are different than the financial statements that can be currently printed.
  3. If the voided check is dated in a year for which income tax returns have already been prepared, then the QuickBooks financial statements will not agree with the financial statements used in the preparation of the income tax returns. 

In Microsoft Dynamics GP, you can choose both the Void Date and the Posting Date when you void a check.  

  1. The Void Date you choose will determine when the void will affect the bank reconciliation, so that prior bank reconciliations are not affected.
  2. The Posting Date you choose will determine what General Ledger period the voided check affects, so that prior period financial reports are not affected.  

QuickBooks users might claim that everything is harder and more complicated in Microsoft Dynamics GP. That is definitely not true in this case. Get the QuickBooks Replacer Kit and learn how you can bring your business to the next level!

If your organization is located in the Arizona or New Mexico area, contact Sherwood Systems for assistance in determining if a technology solution can help your organization better serve your business needs. (877) 943-9696

By Sherwood Systems – Arizona Microsoft Dynamics GP Partner

April 21, 2011 by

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Columbus Global

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