Steps to Void an InvoiceThe Void Invoices option in Accounts Payable is used to void an invoice that was posted for payment but no longer needs to be paid, or used when trying to correct a posted invoice since only minimal changes can be made to an invoice once it has been posted (the incorrect invoice must first be voided and then reentered; see Correcting an Invoice After Posting). With the Void Invoices option, a copy of the original invoice is created using negative amounts in order to reverse entries originally posted to General Ledger; the original invoice is not deleted. The invoice that is created as a negative copy is renumbered to start with a V* to indicate it was created to void the original invoice. For example, if invoice number 12345 for a total of $500.00 was voided, the original invoice would remain in the system as is and then a second invoice would be created as invoice number V*12345 for a total of -$500.00.
The Void Invoices option voids one invoice at a time, and if part of the invoice was previously paid (only applicable for invoices with multiple detail line items), only the remaining amount that is unpaid will be voided (reversed). If the invoice to be voided was tied to a purchase order, the user can stipulate whether or not to restore the purchase order. If the invoice to be voided includes an asset that was posted to Fixed Asset Inventory, the asset will be removed from the pending file if the asset had not yet been added in the Add New Assets option; otherwise, if the asset had already been added, a prompt will appear when voiding the invoice.
Void Invoices
(in Accounts Payable) Tutorial
Note: In order to view the tutorial, you must have an active Internet connection, along with a sound card and speakers installed on your computer.