Reverse a Cash Receipt

 

Purpose:  To reverse a payment already posted in a cash batch. This is normally done for checks returned for insufficient funds.

 

Launch Point: This routine can be launched from the following location(s):

 

•      Names or Firms à File Maintenance à Routines Drop-Down Menu à

 

Example:  When the routine is launched a confirmation message will appear

 

The message gives a description of all the steps required to fully reverse a payment. Note: step 3 is not an integrated part of this routine. You have to separately go to utilities à routines à cash receipts à close open cash receipts batches to complete that step. Click Yes to continue.

 

The grid will show all payments that can be reversed. To see how this payment was disbursed, click on the plus sign to expand the detail rows. Check the Reverse box on the parent row of the payment to reverse.

 

A recap message will be shown. Click Yes to continue with the reversal.

 

A cash receipts batch is created for the reversal.

 

When the routine is completed, as noted above, you still need to close the cash batch that was created. Go to utilities à routines à cash receipts à close open cash receipts batches. Reversed batches start with the letter ‘R’ and have a negative total. Check the Close box and click OK.