Invoice reversal
You can cancel individual invoices that have an approved or paid status, without doing a return transaction. Reverse invoices can be used to remove erroneously entered invoices, and credit or debit memos.
You cannot reverse an invoice that was created with the Payment Scheduling or the Labor Reporting application.
The date and time in the G/L Posting Date field is used to determine the financial period for transactions in the Invoices application.
When the reverse invoice is created and its status is set to Pending Reversal (PENDREV); additionally, the invoice, invoice lines, and invoice line costs are copied from the original invoice. The original invoice number is stored in the ORIGINVOICENUM column. The reverse invoice number is stored in the REVINVOICENUM column of the original invoice.
When the reverse invoice is approved, the Invoices application reverses all the related records that were created with the original transaction, by setting opposite values. The status of the original invoice is set to REVERSED.
Primary transaction
When you approve a reverse invoice, the TRANSTYPE = TOTAL is written to the INVOICETRANS table.
Example
In this example, you approve a reverse invoice for the original invoice 20 bearings at $0.50 each, plus tax of $0.75.
GL account source | Debit | Credit | GL account source |
---|---|---|---|
Company RBNI Account | (-20 x $ 0.50) + (- 0.75) = -$10.75 | (-20 x $ 0.50) + (- 0.75) = -$10.75 | Company AP Suspense account |