Hello can anyone help me how to cancel transaction which is already reported in pending withdrawal? Transaction/check was already there months ago. but only yesterday, it was informed that transaction is already cancelled.
What is the effect in the reports if we could just delete it? or what journal entries to be made for it to be not reflected now on pending withdrawals?
Thank you
You have not furnished sufficient information. Why was the transaction entered? Why and how was it canceled? What reports are you asking about?
the transaction was entered last september and it is for payment to our supplier. We are still waiting for the Go signal for when to be deposited in bank. But only yesterday, supplier informed that transaction was cancelled and for the records, we have to make necessary adjustments to the pending withdrawal
That does not explain the situation adequately. Did you pay the supplier? If not, you should not have entered the payment in the first place and should delete it now. You will have to deal with whatever changes this causes in past reports. In that situation, you made a false entry in your accounting records.
If you paid the money in the form of a cheque, but the supplier did not deposit it, you should ask for the cheque to be returned, undeposited. In that case, you also should not have entered the transaction, because you had no expectation at the time that the cheque would be deposited. (You apparently instructed the supplier not to deposit it.)
If the cheque was deposited, but the supplier now informs you they cannot perform, the supplier owes you money. When they pay you back, you should enter a receipt.
A question is why the supplier is informing you 5 months after the fact that the transaction is cancelled. And what were they doing with your money in the meantime? And why did you enter the transaction?