3.2.7 Reverse a Contract

This topic describes the systematic instructions to reverse a contarct.

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

Note:

The limits utilized by the original contract will be released.

1. From the Contract Detailed View, click reverse icon in the Toolbar.
   You will be prompted to confirm the reversal. Once you confirm it, all the accounting entries that have been passed for the contract will be reversed (this is done by passing the entries with a negative sign). These entries could be the contract initiation entries or any liquidation entries (interest, tax, etc.).

   After the reversal has been done, you will be returned to the ‘Contract Detail View’ screen.