Reversing AR receipts
To reverse an AR Receipt, go to Bank Services / Bank Transactions / Reverse Transactions. Enter the bank and the source ledger, Accounts Receivables.
If an individual transaction is being reversed, enter the cheque number, or select it from the finder. The date of the reversal is able to be edited and this can be advantageous if the user wants to back-date the reversal to a prior period. If the cheque being reversed was posted as a 'Misc. Receipt', an option to 'reverse invoice' comes up. This allows the reversal of the receipt and invoice at the same time. If the receipt being reversed was posted as a 'Receipt' against an already posted invoice, this option is not available and the invoice will revert to an outstanding status in AR. The user must then create a credit note or adjustment against the invoice if no replacement receipt is expected. Reversing Unapplied Cash or Prepayment receipts, if they are applied to documents, will also render the document outstanding again. If the UC or prepayment is not applied to any document, the receipt amount will simply be reversed and the customer record will reflect that.
To view the reversal and their effect on the customer's account, go to AR Customers / Customer Inquiry on the Receipts tab. The field 'Receipt Status' will show 'reversed' for any reversed transaction.
If more than one receipt needs reversing, select the option to 'Reverse Multiple Transactions' and enter the relevant information in the criteria screen. Click on the Go button (the blue >>) and the list of receipts will populate the detail grid. In the 'Reverse' column, change the 'No' to 'Yes' for any receipts that are to be reversed. Confirm the date of reversal for each selection. Click Post to reverse the receipts.