Featured Articles

Kari Bedell
Sep 16, 2022

 

 

 

 

 

The GWSCPA’s Educational Foundation (creator of www.nonprofitaccountingbasics.org) is pleased to announce that registration is now open for The Nonprofit Symposium.

Elizabeth Hamilton Foley
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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