Reverse a Closed Transaction

Consider the following when you work with reverse settlements:

• Use the Closed-transaction editing form to edit fully applied or
settled transactions that are in history.

• Use reverse settlements if the bank does not honor a payment or if
you use the wrong date or settlement amount.

• Note that a settlement is not a transaction, but it is a link between the
payment and the invoice.

• Note that the system considers an unsettled invoice unpaid.

Scenario

Phyllis, the Accounting Manager at Contoso, reviews and approves the Accounts
Payable transactions. Phyllis realizes that a consulting fee was paid twice and sh
wants to reverse the settlement.

Procedure: Reverse a Closed Transaction

Perform the following steps to reverse a closed transaction.

1. Click Accounts payable, click Common, click Vendors, and then
click All Vendors.
2. Select a vendor record.
3. On the Action Pane, click the Invoice tab, and then click Closed
transaction editing.

4. Select the Mark check box to reverse the invoice or payment
associated with the settlement. The Mark field of the transaction that
offsets the transaction marked is selected automatically.

5. Select how to determine the settlement reversal posting date to use:

o Latest date: use the date of the most recent original settlement.
o Today's date: use today's date.
o Selected date: use the date that you specify. The date must be
the same as, or later than, the date of the most recent transaction
involved in the settlement.

6. Click the Reverse button. The system changes the settlement
amount, makes corrections, and changes the status. History displays
an overview of settlements for the current voucher.

FIGURE 10.18 CLOSED TRANSACTION EDITING FORM


Step by Step

1. Click Accounts payable, click Common, click Vendors, and then
click All Vendors.

2. Click Vendor account 5001.

3. On the Action Pane, click the Invoice tab, and then click Closed
transaction editing.

4. Click the last line in the form.

5. Select the Mark check box.

6. Click the Reverse button.

7. Click the Inquiry button, and then click History to view the
reversed transactions.


8. Close all forms.