Reverse Receipt – A summary of the activity

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 supplier has requested for the non-deposit of the instrument or if any other mistakes have taken place. Receipts are raised for instruments; especially checks that have bounced and 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. 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.

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