The financial dimensions from the original check’s journal are used as the default financial dimensions on the check reversal journal. The ledger account from the original check's accounting entry might not be posted. The accounting entries for the original check are reversed. If the check reversal journal is deleted, the check can be reversed again. A check reversal journal is created for review. The check is reversed immediately when you click OK on the Check page. If your organization reviews check reversals before posting If your organization doesn't review check reversals before posting The following table describes how the check reversal methods differ. If the Use review process for payment reversals option is set to Yes, reversals are sent to the check reversal journal for review. To learn which method your organization uses, view the Cash and bank management parameters page. In the other method, when you click Payment reversal on the Check page, the reversal is sent to the check reversal journal in Cash and bank management, where a reviewer can then post or reject the reversal. In one method, reversals are posted immediately when you click Payment reversal on the Check page. There are two methods for reversing posted checks. Instead, a new transaction must be created for the amount of the payment to get the liability back on the vendor's account. Payments that are made electronically can't be reversed after they have been posted. A payment that has been voided or rejected can be regenerated after the Payment status value is changed back to None.Īfter a payment is posted, reversals are used. To reject a payment, change the Payment status value. If the generated payment is done as an electronic fund transfer (EFT), you can reject the payment before it's posted. You can void unposted checks after they have been generated but before they have been posted. This limitation always applies, regardless of the method of payment. This status indicates that the payment has been created but hasn't yet been generated. You can delete a payment only if its status is Created. Reversal differs from deleting, voiding, or rejecting a payment. Occasionally, after a vendor payment has been posted, the payment must be reversed. Additionally, it explains the two methods for reversing a vendor check. This article describes the differences between reversing, deleting, voiding, and rejecting a payment.
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