Reverse Prepayment Invoice – A summary of the activity

This activity allows you to reverse the account postings that have been made for a prepayment invoice in the selected finance book. You can reverse a prepayment invoice that is in the “Authorized” status. A prepayment invoice is reversed when a major error has occurred during the creation process. A reversed prepayment invoice cannot be used for any further processing. A new prepayment invoice has to be created for the correct amount.

This activity allows you to search and select a prepayment invoice for reversal. The system generates a reversal document. This reversal document has a unique identifier and also contains the reason for reversal. The reversal document is posted in the finance book. This reversal entry annuls the entry made in the finance book for the prepayment invoice. The status of the prepayment invoice is updated as “Reversed” and that of the reversal document is updated as “Authorized”. This activity also allows you to view the postings that have been made in the different accounts after the prepayment invoice is reversed. You can also record your comments and notes regarding the reversal of the prepayment invoice.

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