Accounting Entries for Canceled or Voided Payments
Payments are canceled or voided with reissue or closed liability. When canceled or voided and then reissued, the voucher becomes available for repayment. When the liability closes, the voucher is identified, and payment can no longer be made for the voucher. Payments can be made up of multiple vouchers; therefore, all the vouchers for the payment are either reopened or closed.
Action: Payment Entered and Posted, Then Canceled and Marked Reissue, and the Canceled Payment Posted
Payment processing:
|
GL Business Unit |
Distribution Account Type |
Foreign Amount |
Foreign Currency |
Monetary Amount |
Currency Code |
|---|---|---|---|---|---|
|
DEU01 |
Accounts Payable |
10000 |
EUR |
10000 |
EUR |
|
DEU01 |
Cash Distribution |
(10000) |
EUR |
(10000) |
EUR |
If the payment has been discounted, the discount is also reversed.
Cancellation processing:
|
GL Business Unit |
Distribution Account Type |
Foreign Amount |
Foreign Currency |
Monetary Amount |
Currency Code |
|---|---|---|---|---|---|
|
DEU01 |
Accounts Payable |
(10000) |
EUR |
(10000) |
EUR |
|
DEU01 |
Cash Distribution |
10000 |
EUR |
10000 |
EUR |