The GWSCPA’s Educational Foundation (creator of www.nonprofitaccountingbasics.org) is pleased to announce that registration is now open for The Nonprofit Symposium.
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Sep 2, 2022
Situation:
A check from a Prior Year (or prior period) has not cleared the cash account (lost, destroyed, etc.).
Solution:
Do not void the prior year check. Voiding prior period checks will alter cash and expense accounts for a closed period and change reconciled balances. Rather:
➔ If the check will be reissued:
1) Do a Journal Entry for the date of the reissue:
DR (Debit) Cash / CR (Credit) Suspense (or other holding account)
2) Reissue the new check:
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