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Please refer the screenshot below.
Under reverse we have reverse and cancel. What is the difference?
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Hi Harry.b83,
Payments that is money received from your customers can typically only be cancelled. That is, you can't simply create a new ledger transaction at the main account level to correct this because your bank or cash accounts are affected. For that reason, the cancel payment function exists.
For other 'ordinary' transactions you can make use of the reverse functionality. This automatic reversal does, however, not always work especially if you have many subledgers (customer, inventory, GL, ...) involved.
Best regards,
Ludwig
Hello Harry.b83,
Is there something left open / not answered?
harry.b83,
What 'Reverse transaction' does,
1. reverse ledger transactions
2. reverse customer transaction
When the original transaction was posted against any account types rather than ledger account, you won't be able to execute 'Reverse transaction'.
What 'Cancel payment' does,
3. reverse bank transaction (if exists)
If the original transaction was not posted to a ledger account or a bank account, you won't be able to do 'Cancel payment'.
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