explain the difference between deleting and voiding a transaction in QuickBooks. Address the outcome of each...

explain the difference between deleting and voiding a transaction in QuickBooks. Address the outcome of each in your response

Expert Solution

Deleting a transaction and voiding a transaction have slightly different results.

When user of the company deletes a transaction, it completely gets removed from company database file. Where as voiding a transaction will not delete the transaction from company file but the amount of transaction will be set to zero.

It is always advisable to void a transaction rather than to delete a transaction. Voiding a transaction will not affect the account balances, and also provide record of transaction completely.

For example if a transaction is entered by mistake, say sales of 5000, so sales account would be credited by 5000.

Now voiding a transaction: will make sales account credit but with 0, user can add memo to trace the reason to void the transaction in future.

Deleting a transaction: will erase entire accounting entry. There will not be any traces of sales account being credited by 5000. Some of data can be retrieved from audit logs.

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