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Account payable Reversal

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Posted on by Vinod Kumar Reddy

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Hi,

Can any one help me on below queries.

how to do reversal for the payment made to vendor with different method of payment.

1) Vendor payment with Cash.

2) Vendor payment with Check.

3) Vendor payment with EFT

4) Vendor payment with PDC

how to do reverse the invoice posted for the vendors.

Thanks,

Vinod

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Ludwig Reinhard Microsoft Employee on at

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RE: Account payable Reversal

Hello Vinod,

I see.

For which country/region have you setup your electronic fund transfer payments (EFT) and your checks?

Have you already send the electronic payment file to your bank / financial institution and has the money been deducted from your bank account/

Are your checks already cleared by your financial institution?

Can you also share details how you posted the cash payment?

Many thanks,

Ludwig

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Ramit Paul 22,797 Most Valuable Professional on at

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RE: Account payable Reversal

Hello,

You can do the followings.

1- select vendor and then transaction from header.

2- click on settlement option from header.

3- click on undo settlement

4- once you have unsettled the transactions

5- you can click on reverse transactions by giving reversal date

Let us know if this helps.

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Junaid Idrees on at

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RE: Account payable Reversal

Hi Vinod Kumar Reddy,

Cash:

1. Create negative payment journal with Crediting Vendor/Liability and Debiting Cash Account.

Check:

2. From bank module with reverse posted check functionality:

docs.microsoft.com/.../reverse-vendor-payment

EFT:

- Click Accounts payable > Common > Vendors > All vendors.

-Select a vendor.

-On the Action Pane, on the Invoice tab, click Closed transaction editing.

-In the Closed transaction editing in several currencies form, select the original payment, and then click Reverse. The settlement between the electronic payment and the invoice will be reversed.

-As last step Create a negative payment (credit amount) and settle it with the original payment transaction

PDC:

4 . Goto account payable > Postdated checks > vendor postdated checks > cancel postdated check

Reversing PDC is tricky because When we register and post a vender's postdated check we use bridge account .

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Vinod Kumar Reddy 283 on at

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RE: Account payable Reversal

Hi Ludwig,

it is not an exam question. I want to know how reversal will work on those scenerios.

Please guide me.

Thanks,

Vinod

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Ludwig Reinhard Microsoft Employee on at

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RE: Account payable Reversal

Hi Vinod,

Where do you have this question from?

Looks like an exam question.

Best regards,

Ludwig

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