Reverse Receipt – A summary of the activity
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This activity allows you to reverse a selected receipt. By reversing a receipt the financial posting made for the receipt is also reversed in the corresponding finance book. You can search and select a receipt for reversal.
A receipt can be reversed for various reasons. These reasons must have been defined in the “Reason Code” business component. Generally a receipt is reversed if the customer has requested for the non-deposit of the instrument or if any other mistakes have taken place. Receipts raised for instruments, especially checks that have returned from the respective banks for lack of funds or for any other specific reason can also be reversed. These receipts are updated by the “Realize Receipts” business component with the “To be Reversed” status once the instrument is returned depending on the parameter set at the company level. The formal reversal of the receipt has to be done in this component.
You can also view the account posting details of the receipt after it has been reversed.
Getting familiar with the pages inside
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Go to page… |
For… |
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Select Receipt |
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Reverse Receipt |
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Accounting Information |
What you can do in this activity
Reverse receipts for “Bounced” instruments
Reverse receipts for “Bounced” instruments
In occasions when checks received from a customer are returned from the bank for lack of funds the receipt can be reversed in the books of accounts. The status of these receipts is updated from the “Realize Receipts” business component. When an instrument is returned from the bank, the status of the receipt issued for the instrument is updated to the “To be Reversed” status. All the receipts that have this status can be retrieved in this activity for the formal reversal.
Go to “Reverse Receipt” page.
Enter the necessary information.
Reverse the receipt.
Before reversing a receipt you can view the posting details of the “Authorized” receipt. Similarly you can also view the posting details of the receipt after it has been reversed. If you are aware of the type of the transaction and the number identifying the transaction you can view the details of the posting.
Go to “Accounting Information” page.
Select the transaction and view the posting details.