This article shows you how to void (cancel) transactions that have been made by mistake or with incorrect details in different parts of the system.
If a payment was processed through a payment processor, there is a window of time you can void the payment to stop the transaction from processing, and removing it from the customers bank account, once a transaction has been settled it can only be refunded. See article: How to Process Refund Through Payment Gateway
When you void a transaction, it will be removed from the folio and the balance due will be updated. Note that the details of the void will be recorded in the Transactions Report on exactly the day it was done.
It is advisable to void a transaction on the same day the transaction is made to make sure your financial reports are correct.
Frequently asked questions
Yes. However, you can only void cash payment within 24 hours of the posting time. If the window time has passed, you would need to create an adjust charge to correct the balance. Learn more in the following article: How to Adjust Charge / Add Adjustment to a Reservation
Payments made via a payment gateway cannot be voided, since once the transaction has been settled, it can only be refunded.
After the time frame of 24 hours of having posted a charge, it is not possible to void the transaction.
Keep in mind that it is not possible to void refund records either.
To cancel a scheduled payment to be processed by the payment gateway, see article: How to Cancel a Scheduled Payment