When do I cancel a bill receivable?

When you want to return the debt to the transactions that were applied to the bill. You typically cancel a bill receivable if it was created in error or if you prefer to apply payments to transactions that were applied to the bill.

Use the Mark as Canceled action to cancel a bill. You can cancel a bill with the status Pending Acceptance, Pending Remittance, or Unpaid:

• If the bill is Pending Acceptance, canceling the bill releases the applied transactions and has no accounting impact.

• If the bill is Pending Remittance or Unpaid, Receivables unassigns the applied transactions and creates reverse accounting entries.