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Voiding Payments

When you void a payment, Payables automatically reverses the accounting and payment records so your general ledger will have the correct information, and so the status of the paid invoices is reset to Unpaid. Payables also reverses any realized gains or losses on foreign currency invoices recorded as paid by the payment.

When you void a payment, you can select the action you want Payables to take on the invoices paid by the void payment. You can choose to place the invoices on hold, cancel the invoices, or do nothing with the invoices, leaving them available for payment.

If you enable the Allow Interest Invoices option for a supplier site, Payables automatically reverses all related interest invoices when you void a past-due payment for the supplier site.

If you withhold taxes at payment time and you void a payment that paid an invoice with an associated withholding tax invoice, then Payables will automatically create an invoice for the tax authority supplier to offset the amount of the withholding tax invoice. You determine when you withhold taxes by the Apply Withholding Tax option you select in the Payables Options window.


   To void a payment document:

Voiding and Reissuing Payments

You can void a payment document and automatically reissue payment of the same invoices. For example, your supplier may tell you that they never received a check. You can void the original payment and reissue a new Quick payment.


   To void and reissue a payment:


INVOICES PAID BY ANOTHER PAYMENT: When you void a payment, you cannot cancel a related invoice if it was partially paid by a second payment. Instead, when you choose Cancel Invoice, the system applies an "Invoice Cancel" hold to the invoice for your reference. You can release the hold manually in the Invoice Holds window.

CANCELLING ASSOCIATED INVOICES. If you attempt to cancel an invoice that has been partially paid by another payment by using the Cancel Invoice Action, instead of cancelling the invoice, Payables applies an Invoice Cancel hold to the invoice. This hold is manually releasable.

CLEARED PAYMENTS: You cannot void a payment that the bank has already cleared.

PREPAYMENTS: You cannot void payment on a payment document that pays a prepayment that you have applied to an invoice. You must first unapply any prepayments, and then you can void the payment.

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