Reversing Gift Payments In akoyaGO CRM

If a Gift Payment is sent to accounting with incorrect information (account, fund, posting date, payor, etc.) it should be reversed from akoyaGO CRM. There are two Reversal Types:

• Void – Original Date:
• Void – Specific Date:

Reverse a gift payment

 

1. Start by opening the gift payment and selecting Process > Switch Process on the command bar.
   
2. Choose the Reverse a Gift Payment process and then OK.
   

Please note that payments that have not been sent to accounting will not be allowed to reverse. If this is the case, you will see the following error:

 

3. On the Gift Payment the Business Process Flow has switched. On the Initiate Reversal stage choose one of the applicable Reversal Types and then Next Stage.
   1. Void – Original Date: All posted activity associated with this gift payment is reversed using the dates originally used. This includes, when applicable, the posting date, pledge payment applied date, and deposit date.
   2. Void – Specific Date: All posted activity associated with this gift payment is reversed as of a single specified date. This option is useful when avoiding posting transactions to a closed fiscal period.

4. If Void – Original Date was selected, the Business Process Flow will advance directly to the Reversal Confirmation stage detailed in step six.
5. If Void – Specific Date was selected, you will be prompted to enter a date on the Reversal Date stage. Choose Next Stage after entering the Reversal Date.
   
    
6. The Reversal Confirmation stage will now show a status of Reversed and the Amount should be set to $0. There is no additional processing needed in Business Central.
   

Results

 

 

 

In G/L Entries, we see all posted activity associated with this gift payment is reversed using the dates originally used. This includes, when applicable, the posting date, pledge payment applied date, and deposit date. All entries net zero by account by date.

 

 

In G/L Entries, we see all posted activity associated with this gift payment is reversed as of a single specified date. This option is useful when avoiding posting transactions to a closed fiscal period. All entries net zero as of the reversal date.

 

 

Reversing a deposited Gift Payment results in a credit to appear on the Bank Account Reconciliation. This credit should be cleared against the applicable bank statement entry. In the example below the original posted deposit (yellow), the reversal (blue), and the corrected gift payment/deposit (green) are all matched to the single bank statement line representing the real-world deposit.

gift record

 

If the gift payment(s) was processed in error and a replacement is not needed, users should navigate to the original gift record and update the commitment to zero (different organizations may require additional fields to be voided based on their unique processes).