Void payment

[jram]

Hi all,

I have got the issue in voiding the payments.

Payament made for $1000 in chek method and account has been created. It also cleared with the bank.

Now I want to void the payment.

Somebody plz explaine how to void the payments and how the accouting entries will be effected.


Regards,

Jayaram.

[Raghav18]

Hi Jram,

Once the payment is made we can only create a debit note or either a credit note.

Regards,
Raghav.

[AmanKhan]

HI Jayaram.,

Go to payment screen, find and select the relevant payment and from action select void check box to void the payment using none option then payment will be void and you can make new payment of the invoice. The payment entries will be reversed when u void the payment.

All... plz correct if i m wrong

thanks,

Aman

[jram]

Hi Aman,

Check already got cleared with bank. Now if we void the payments and re-issue the check will impact twice on the cash a/c. I want to get back the money from the supplier whom we already made the payments wrongly.
How do we record this in payables.

Regards,

Jayaram.

[AmanKhan]

Hi Jayaram,

As Raghav said, u have to record credit memo against the supplier.

thanks,

Aman

[oracleapps1983]

Based on the situation above methods will be used. Both are correct but based on situation these will be used

Once Payable Transfer program is executed then you need to rise either credit note or debit note.

In second case when Payment is not reconciled you can void payment (When payment is voided reverse journal is created ). You can reissue Check as when required.

Pls Correct if there is any mistake

Thanks