There are two methods for canceling a payment from a deposit slip. In one, cancellations are posted immediately when you click the button in the form. In the other, when you click the button in the form, the reversal first is sent to the journal in Bank, where a reviewer can then post or reject the cancellation. This topic describes both methods.

You might cancel a deposit slip payment if a customer payment is not valid. If a deposit slip has been reconciled in the bank statement, the payment cannot be reversed.

Note Note

You can tell which method you use if you view the form. If the check box is selected, reversals are sent to the journal for review.

Cancel a posted deposit slip payment

  1. Click > Common Forms> .

  2. Select the single payment from the entire deposit slip to cancel.

    Tip Tip

    When you cancel a deposit slip payment, the single payment is canceled, not the entire deposit slip.

  3. Click .

  4. Enter the date and select a reason for the cancellation. If your organization uses the journal for reviews, you must also select a journal name.

  5. Click OKto post the cancellation or send the cancellation for review, depending on which method your organization uses.

Review a cancellation

If you are a user who must review cancellations, use the following steps. You can either approve and post the journal, or reject the cancellation.

  1. Click > > .

  2. Select the cancellation journal to review and click .

  3. Review the cancellation and select one of the following approval options:

    • To approve and post the cancellation journal, click or .

    • To reject the cancellation, click Delete Recordon the toolbar.

      Note Note

      Deleting a journal removes the cancellation from this review journal but does not remove the original transaction in the form.

Results of posting a payment

When you post a cancellation, the following occurs:

  • The original customer payment from the customer invoice is unapplied (the settlement is reversed). The settlement that is reversed is the payment settled when you posted the reversing entry with as the offset to the account type.

  • A transaction is posted against the customer account for the canceled payment, and the canceled payment is settled against the original payment. The field on the original customer payment is updated to reflect the voucher number of the reversed transaction (the reversed transaction that is the one with as the offset to the account type).

  • The field is selected for the deposit slip transaction.

  • The reversal voucher is posted against the bank account in which the payment was originally deposited.

  • The reversal voucher is posted to General ledger.

  • A reversed deposit slip transaction is posted using the same deposit slip number as the original deposited payment.

  • The field is selected in the journal.

  • If customer invoices in multiple companies (centralized payments) were related to the voucher that you canceled, the original settlement is reversed. The original settlement that is reversed is the one between the original voucher transaction and all documents in all companies that it was settled in.

Note Note

When you cancel a deposit slip payment for an intercompany transaction, the offsetting entries come from the intercompany accounting setup, not from the original transaction.

See Also