Acumatica ERP – Reversing a Bill
Posted on: July 10, 2017 | By: Jim Bertler | Acumatica
Users can edit the document details, amounts, and specified GL accounts of a bill until it is released. After the bill is released, this information becomes read-only. While the bill is open, users can make a credit or debit adjustment, or reverse the full balance of the bill. To reverse the bill in the system, a debit adjustment is created for the full balance of the bill. To easily create the needed debit adjustment, users can select the bill to reverse on the Bills and Adjustments form (AP301000), and then select Actions – Reverse on the form toolbar.
Suppose that on 3/2/2014, the account statement is received from AdvertisingCo and it is discovered that a $20 bill was entered by mistake. To reverse the bill, proceed as follows:
On the Bills and Adjustments form (AP301000; Finance – Accounts Payable – Work Area – Enter), open the $20 AdvertisingCo bill (reference number 000007).
On the form toolbar, select Actions – Reverse. The system creates a debit adjustment for the full balance of the 000007 bill.
3. In the Vendor Ref. box, type 02152014ARev, and in the Description box, type Bill 000007 reversal. (You the Vendor Ref. number needs to be changed because the Raise an Error on Duplicate Vendor Reference Number check box is selected on the Accounts Payable Preferences form, which means that a document with a duplicate vendor reference number can’t be saved.
4. Release the debit adjustment, and open the generated batch for review on the Journal Transactions form (GL301000). The batch reverses the amounts that were posted to GL accounts from the batch created on release of the bill. Now the debit adjustment has a status of Open, and a user must apply its amount to the bill you are reversing to close the balance of the bill.
5. Return to the Bills and Adjustments form (AP301000), and on the form toolbar, click Actions – Pay Bill/Apply Adjustment. The Checks and Payments form (AP302000) opens, on which you can apply the debit adjustment to the bill.
6. On the Checks and Payments form (AP302000), set the Application Date to 3/1/2014.
7. On the Documents to Apply tab, add a row, and select the 000007 bill ($20) in the Reference Nbr. box. Leave the full $20 amount of the bill in the Amount Paid column. In the Balance column of the table, there will be a balance of zero after the debit adjustment is applied.
8. Click Release to apply the debit adjustment to the bill.
For further inquiries, contact Logan Consulting, for your free consultation now! Logan Consulting is a Gold Certified Partner offering services in Illinois, Indiana, Wisconsin, and throughout the United States.
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