Reversing an AR Receipt
The purpose of this documentation is to provide detailed steps regarding how to reverse an Accounts Receivable payment receipt in Intacct.
This process will be completed at the entity level. Therefore, you will only see transactions for the entity (Parish) that the payment was received in.
Steps
In the advent that a payment was applied against a customer invoice in error, the payment can be reversed using functions within the Accounts Receivable module.
ACCESSING THE reverse payment function
- To access this function, navigate to Account Receivable > Posted Payments
locate and reverse the payment
- Posted Payments screen will open
- Locate the Invoice against whom the payment is to be reversed -> Click Reverse
- A dialog box asking Transaction reversal date will pop up. Select an appropriate date in an open transaction month.
- Click Submit
VALIDATE THE REVERSAL
- Reversing a payment will generate a negative payment against the Invoice and remove the effect of incorrect applied payment.
- Sage Intacct retains history for both screen views and an Audit Trail report. The Posted Payments transaction screen reflects both the original incorrectly applied payments that have been reversed (item marked “Reversed”) as well as the reversing entry (item marked “Reversal”) that is the negative payment generated against that Invoice to nullify the net effect of the initial payment entry.
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REVERsal audit trail report
- To view the audit trail, click Viewbutton to the left side of transaction lines on the Posted Payments screen
- The Posted Payments screen will open for the transaction.
- Click on View Audit Trail.
- The Audit Trail window will open.
following reversal – invoice reverts to open item
- Following payment reversal, the original invoice due amount will revert to an open balance. This will allow the user to apply the correct payment against the invoice or reverse the invoice itself, if it was inaccurate.