Reversing Checks & Payments
All payments made in akoyaGO should be reversed through Business Central. Reversing payments results in cash being returned to the payment account and the payable, request payment, or purchase invoice, being reopened and available for repayment, reversal, or adjustment.
Void Checks and Electronic Payments
Payments made through the Payment Journal with a Bank Payment Type of Computer Check, Manual Check, Electronic Payment, and Electronic Payment-IAT will have entries in the Check Ledger and will be reversed from this table.
1. Start by Opening Cash Management>Check Ledger Entries.
2. Locate the payment needing to be voided by searching or filtering.
Note: If the filter pane is not visible, click under All and select "Show filter pane".
3. Select the payment and choose Void Check.
4. In the dialog box that opens choose the date of the void. The default option is the original payment date.
5. The Type of Void can also be selected.
a.) The default option is "Unapply and void check" which results in the original payable being reopened and available for repayment or reversal/adjustment. This is the most common option.
b.) "Void check only" leaves the original payable closed and the voided check becomes an open vendor entry; this option is only applicable in special circumstances.
c.) Select “Yes” to continue.
6. Confirm the void was successful by reviewing the Entry Status. The Entry Status should be Financially Voided.
Results
In G/L Entries, the result of the Void is a debit to the cash account that made the payment and a credit to the original payable account on the Void Date.
In Vendor Ledger Entries, the original payment was unapplied from the payable and instead applied to the void. The original payment is reopened and available for repayment, reversal, or adjustment.
Reverse Payments without a Bank Payment Type
Payments processed through the payment journal without a blank Bank Payment Type or through general journals will not be present in Check Ledger Entries. Instead, the reversal should be completed through Bank Account Ledger Entries.
1. Start by opening Cash Management>Bank Accounts.
2. Open the Bank Account Ledger Entries for the bank account that issued the payment by choosing its balance.
3. Locate the payment needing to be voided by searching or filtering.
4. Select the bank entry and choose Find Entries.
5. From the Find Entries window, open Vendor Ledger Entry.
6. Select the payment line, choose the dropdown menu under Apply Entries, and then Unapply Entries.
7. In the Unapply Vendor Entries window, choose Unapply and then Yes to confirm the action.
8. Back on the list of Vendor Entries, choose the payment, and then reverse the transaction.
9. In the Reverse Entries window, choose Reverse and confirm the action.
10. Navigate back to Bank Account Ledger Entries and confirm a debit is posted to the bank account for the reversal.
Results
In G/L Entries, the result of the reversal is a debit to the cash account that made the payment and a credit to the original payable account as of the original payment date.
In Vendor Entries, the original payment was unapplied from the payable and instead applied to the reversal. The original payment is reopened and available for repayment, reversal, or adjustment.