Frequency and timing:
Steps:
- If the check has not been issued or the check was voided and the invoice was reestablished in error, AP Manager cancels the invoice:
- If the check has already been issued, but has not yet cleared the bank, AP Manager:
- Accountants void the original check from the Positive Pay file at the bank. This effectively stops the check from being cashed at the bank. Additional steps may be taken to issue a stop payment request with the bank for a fee.
- oFAAINVD Invoice/Credit Memo Cancel
- oVoid the check and invoice together in the accounting system.
- FAACHKS
- Check Number: as indicated for void
- Bank: 56-Accounts Payable
- NEXT BLOCK – verify the information for the check to be voided
- NEXT BLOCK
- DO NOT check the box to reestablish the invoice for payment
- Complete
- oVoid the check in Evisions Intellicheck.
- Choose Void Check option
- Enter check number (excluding leading zeros)
- NEXT
- ■ Highlight the check number and click VOID
- ■ FINISH
- oProvide report of check voids to accountant to void in the bank.
- Select void check register summary
- Enter date of voided check NEXT
- Forward report to accountants
Stale Dated Checks
By law, banks are obligated to honor checks for up to six months. Due diligence requires that the university follow up to attempt to deliver the payment due to the vendor. The due diligence follow up should occur monthly for any checks that have been uncashed for 90 days. If a check remains uncashed for more than 1 year, it should be transferred to an unclaimed property liability. Procedures to escheat unclaimed property to the state are included in the next section.
Responsible position(s):
- Accountant
- Accounts Payable Manager