Bank access
Frequency and timing:
As needed
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.
FAAINVD Invoice/Credit Memo Cancel
Void 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
Void the check in Evisions Intellicheck.
Choose Void Check option
Enter check number (excluding leading zeros)
NEXT
■ Highlight the check number and click VOID
■ FINISH
Provide 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
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