News article

How to Void a Transaction in PCLaw

by | Mar 8, 2016 | Practice Management

checkAt this time of year, our clients are busy working with their accountants. As part of their year-end process, we are often asked how to void outstanding checks or deposits in PCLaw.

The simplest and most obvious way is to open the Register, highlight the transaction in question and use the Void/NSF button on the screen.
PCLaw will reverse the transaction as of the date it was voided.  Both transactions will then cancel each other out and can be checked off during the next bank reconciliation.

Register-VOID

However, using this direct method may not be desirable.  For one thing, it is an irreversible procedure.  There are times when a transaction is voided only to find it cleared the bank at a later date.  A more complex scenario is one in which a transaction has been outstanding for years.  Merely reversing it may not have the desired outcome in terms of how the reversing entry is posted.

For these and other reasons, an alternative approach is to manually enter an offsetting entry.  In that way, the offsetting transaction can be edited or even removed if needed.  Depending on the original transaction, use one of the following options from the Data Entry menu:

 

      If the original entry was a…         Then use a…
      General Check          Firm Receipt
      Firm Receipt          General Check
      Receive Payment          General Check with amount assigned to the Matter
      General Retainer          General Check with amount assigned to the Matter
      Trust Receipt          Trust Check
      Trust Check          Trust Receipt with amount assigned to the Matter

 

We have several PCLaw consultants on our Crosspointe team that can assist with training and report design so that you can get the most from this award-winning time tracking, cost tracking, billing and general ledger practice management system. Need help? Enter a comment below, or call us at 1-877-357-0555.

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