More on Receipts

Entering Miscellaneous Receipts

Non–invoice related transactions such as investment and interest income are known as miscellaneous receipts in  Receivables. Use the Receipts or Receipts Summary window to enter your miscellaneous receipts.
You can enter miscellaneous receipts in any currency defined in the system if you have at least one remittance bank account with the Receipts Multi–Currency flag set to Yes. If no such bank account exists, you can only enter receipts in the same currency in which bank accounts exist. Receivables uses distribution sets that you define to account for miscellaneous receipts.
Reversing 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.
Receivables lets you create two types of reversals:
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).
If you create a standard reversal for a receipt that you have applied, Receivables reverses any adjustments or chargebacks that you created, as long as you have not posted these adjustments to your general ledger.
Debit Memo Reversal: When you create this type of reversal, Receivables does not update any of the receipt activity associated with the original receipt. The new debit memo reversal is actually a new receivable that replaces the item closed by the original receipt. Receivables requires that you create a debit memo reversal if:
– 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.

Reapplying Receipts
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).

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