Reverse a posted invoice.

Beatrice

Hi,

User entered a PO for a foreign supplier in EUR.

The receipt was posted for the above PO.

The accounts dept entered the invoice, using the functions, Get receipt lines function.

The user entered only Quantity and did not input amount and posted the invoice.

How can we reverse this invoice?

Please note that we cannot make return because the items have already been sold.

Regards,
Beatrice.

DenSter

That's what Credit Memos are for.

Beatrice

That's what Credit Memos are for.

I did ask user to create credit memo but system is prompting user to use the Apply To Item Entry field...when posting, for which the entry is not available.

Regards,
Beatrice.[/quote]

Nikk

Beatrice wrote:

That's what Credit Memos are for.

I did ask user to create credit memo but system is prompting user to use the Apply To Item Entry field...when posting, for which the entry is not available.

Regards,
Beatrice.

[/quote]

If you show column on the lines then the Appl.-to Item Entry field can be displayed...is this what you mean?

Beatrice

I know we can use the Show Column function to display this field.

The problem is that when I lookup in the Appl. To Item Entry field, I cannot find the receipt to which I need to match my credit memo line.

The items which were originally received have already been sold.

Any suggestions?

Regards,
Beatrice.

Alex_Chow

You have to turn off Exact Cost Reversing on the setup so you can post the CM without setting the applies to.

If the line has been sold, then you won't be able to apply to it anymore.

eugenious

OK, but cost will go out then?

Not good, but possible solution is to post Positive Adjustment with same cost as was entered in wrong invoice, Credit Memo on that with Apply-to Item entry, new Invoice with good cost and then write down by Negative Adjustment. And do not forget about correcting CostOfGoodSold account with difference.

David_Singleton

Beatrice wrote:

Hi,

User entered a PO for a foreign supplier in EUR.

The receipt was posted for the above PO.

The accounts dept entered the invoice, using the functions, Get receipt lines function.

The user entered only Quantity and did not input amount and posted the invoice.

How can we reverse this invoice?

Please note that we cannot make return because the items have already been sold.

Regards,
Beatrice.

Hi Beatrice, this question s incomplete. Point is "why" do they want to reverse the invoice. To complete the question, its important to know what is wrong, and what the client needs to resolve the issue. Reversing the invoice is only a small part of the task.

If as you say, the amounts were zero, then the invoice created will be for zero dollars, so it doesn't matter. In this case the solution is to simply create a new invoice using G/L accounts for the correct amounts, and just post it. This will then be for the correct invoiced amount.

If infact there were amounts, but you meant that the amounts are wrong, then I can see two possible solutions. The easiest is just to have the client issue an adjusting invoice for the difference between what was invoiced and what should have been invoiced. If the client feels that their customer will not accept that, then another solution is :

Create a completely new Invoice for the correct items at the correct amounts. For this invoice, post it from a location that does not have any of the items on hand, or create a "CORRECTIONS" location.
Post this.
Now create a credit memo for the invoice that you just created.
Apply it to the new inovice.
Now change the credit amounts to the amounts that were incorrectly invoiced on the old invoice.
Nowp post the Credit Memo.
This will now balance out the Items to be zero, and the amounts will now balance. and the end customer has a correct invoice.

PS I always set up something like a corrections location for all my clients for this exact purpose.

Beatrice

Hi,

Please note that even though the invoice has been posted without any amounts, values have been posted on the stock account.

How do we reverse these values?

Regards,
Beatrice.

Beatrice

Hi Beatrice, this question s incomplete. Point is "why" do they want to reverse the invoice. To complete the question, its important to know what is wrong, and what the client needs to resolve the issue. Reversing the invoice is only a small part of the task.

On the original PO which was in the wrong currency, receipt was done and invoicing was done also but without any amounts on the purchase invoice lines, it contained only Quantity. They did not reverse the posted invoice.

Instead they created a new correct PO and did receive and invoice.

The problem is how to reverse this incorrect posted invoice? ](*,)