3.2.7 Reversing a Contract

Using the Contract Reversal function, user can reverse out an authorized contract. Typically, use the contract reversal function, if the details of an authorized contract are erroneous. All accounting entries that were passed for the original contract are reversed.

Note:

The limits utilized by the original contract is released.

The Contract Detailed View:

• Click Reverse icon in the Toolbar

The system prompts for reversal confirmation. After confirmation, the system reverses all accounting entries posted for the contract by posting entries with a negative sign. These entries include contract initiation entries and liquidation entries such as interest and tax.

After reversal completion, the system returns to the Contract Detail View screen.