Stop payment
In accounting, stop payment means an instruction to the bank not to honor an issued check, given by the account holder, usually for a fee. It is a bank instruction; the books are corrected separately by voiding the payment.
Authority: UCC §4-403 (opens in a new tab). Sources
For founders
The same idea written for a founder: what it costs a startup that ignores it, and what to do in a real month.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- void (the entry in our books)
- cancel
Nearby in the catalog
No component names this concept outright. These sit in the same part of the system.
Also in Payables
Defined in Lexicon. This page is generated from that document, so the two can't disagree.