Use this to reverse invoice, credit note, payment and receipt transactions.
You can only reverse a transaction provided:
If it is a bank transaction; it has not been reconciled to your bank statement, and the bank account is in the same currency as your base currency.
Note: You cannot reverse a foreign currency transaction.
The transactions are reversed by entering the opposite transaction. For example, if you choose to reverse an invoice, a credit note is created. The Enter credit note window is displayed so you can view the postings that will be made to reverse the invoice.
Reverse postings are transactions in their own right and are stored in the supplier's account using the same date and references used in the original transaction. You cannot change the values or the VAT and nominal analysis because they are taken from the original transaction. You can amend the Reference to show that the transaction is reversed.
If the original transaction is no longer stored on the account, (the transaction has been purged from the ledger, for example) then the Default tax code and Default nominal code are taken from the supplier's account. You can amend these, if required.
You cannot reverse a transaction if the supplier is a balance forwardBalance forward accounting is a type of accounting where all transaction details remain on the ledger in full until the period end routine is run. During the period end procedure, all transactions (except those in query which are dealt with separately) are cleared from the file and only a brought forward balance is displayed for the new period. Each period's total creditors balance is carried forward as a single balance figure. The number of balances carried forward depends upon the number of months aged debts you specify for the Purchase Ledger. When transactions, such as receipts, are posted for a previous period's transaction, they are allocated by period number, so that the appropriate balance is reduced at the period end. The advantage of this type of accounting is its economical use of disk space. Balance forward accounting cannot be used for foreign currency accounts. account and the transaction has been included in a bought forward balance.
Open: Purchase Ledger > Adjust Transactions > Reverse Transaction.
Select the transaction from the list of Reversible transactions.
To reverse the transaction, click Reverse.
The appropriate transaction entry window appears.
If the original transaction cannot be located, change the tax analysis and nominal analysis, if required.
Note: If the transaction is a receipt or payment and the system cannot find the bank entry for the transaction, then you will not be able to reverse the transaction.