There may be situations when you need to reverse a payment, perhaps if a cheque has bounced and the payment needs to be taken off the account, or perhaps you paid off the wrong invoice. Reversing off a payment is not a difficult task.
When the grid appears below, it may be empty and this is because the default is to show only transactions that have a balance on them. The payment that you need to address will appear when you untick the small box called 'Balance Items Only'.
Ensure that the curser is clicked onto the line of the transaction you want to reverse, and press the Go To Button and this will take you straight to the transaction.
In the top left hand quarter, you will see the 'create reversal' button . Press this, and when you return to the Sales Account Enquiry grid, press the green Done button.
You will then see a new transaction. This is an example of how it might look: the original invoice (white SINV), the original payment (red SREC) and the new reversal (white SREC).
Allocate this Reverse Change Transaction to the Original Invoice
In order to end up with the situation of the original invoice showing as outstanding, it is necessary to allocate the reverse charge transaction to the original invoice. The final outcome may look similar to this: