Entering Miscellaneous Receipts
Receivables lets you reverse a receipt when your customer stops payment on a receipt or if a receipt comes from an account with non–sufficient funds. You can also reverse a receipt if you want to re–enter and reapply it in Receivables. You can reverse both standard, invoice–related receipts and non–invoice related (miscellaneous) receipts. You can reverse an Automatic Receipt only if its status is Approved.
After you reverse a receipt, you cannot update any of the receipt’s attributes.
Standard Reversal: When you create this type of reversal, Receivables automatically creates reversal journal entries for your general ledger and reopens all of the debit and credit items that were closed with the original receipt. You can create a standard reversal for a transaction related to a chargeback if there is no activity against the chargeback and the chargeback has not been posted to the general ledger. If the chargeback has been posted to the general ledger, you must create a debit memo reversal (see below).
– you are reversing a receipt that you previously applied to a chargeback and this chargeback has had any activity against it (for example, another receipt, credit memo, or adjustment), or
– the chargeback or adjustment was posted to your general ledger When you create a debit memo for a receipt reversal, Receivables creates a line on your debit memo that displays the original receipt number associated with the debit memo. In addition, when you save your reversal, Receivables assigns a unique transaction number to your new debit memo.
You can reapply receipts that you previously applied in error before or after posting these items to your general ledger. When you reapply a receipt, you first ’unapply’ the original receipt applications; this reopens each transaction that was previously closed by the receipt.
- You can reapply both automatic and manually entered receipts.
- However, you cannot unapply a receipt that has adjustments associated with it unless you first readjust the transaction to its original amount.
- In addition, you cannot unapply a transaction if there is a chargeback against it and the chargeback has any activities against it (for example, another receipt or credit memo).