When an Invoice has been posted in Individual Transactions, you will find it in Select Items for Payment. If you later decide to delete the Invoice, you may do so as follows:
- Select the ‘R’ from the drop down list under Type and then click the Post Already Paid/Reverse button. This will remove the invoice from your system.
- When you are reversing the items, only work with one vendor at a time, and Unselect (select U in the drop down menu under column ‘Type’) all other items. You may also only work in one year at a time (more about that later).
- When you select an item to reverse, for that one vendor, a list of all the invoices for that vendor lists at the bottom, you must unselect all the ones you do not want to reverse and unselect all of the items that cross over years. Only have an ‘R’ in type for those items that are dated in the year you are working.
- Post the Reversed items for that one vendor and one year. If you want to reverse the items for that vendor in the other year, switch years and reverse those items. That way, the vendor will be completely taken care of before you go to the next vendor.
You will be prompted to restore the items to AP Transactions. If you mark this box before selecting Post, the items will show in the Individual Transactions Routine and you may edit them or delete them from there. However, if you plan to delete them, simply do not mark the restore box.
- If your system is set to Cash Basis Accounting, this simply deletes the invoice. If your system is set to Accrual Basis Accounting, it puts the money back into the checking account so be careful of the date—if you use Accrual, reverse the item on a date when the bank reconciliation is open.