Reverse Reclassification on Payment Void

During the payment post for a void payment, the VAT Reclassification at Payment Setup program voids the reclassification. You can set the processing option to specify whether to reverse the VAT reclassification when voiding a payment with draft.

During the post of a payment void, the system:

• Reverses reclassification if it exists in F704200 with method P or D.

• Updates suspended VAT transactions in F704100 to increase the open tax amount and modifies status to P if required.

• Inserts the void reclassification entries in F704200.

• Generates reverse reclassification journal entries.