In case you need to cancel a credit or an invoice, you may process a reverse transaction.
Note: The reverse transaction cannot be returned to its initial state after reversal, and the process for invoice and credit will be done differently.
For invoice reversal, you will go to the contact's profile, and click on Billing. then Activity Summary, to the Scheduled Invoices under it.
Please also note that you can only reverse an invoice if it hasn't been posted yet, only those invoices scheduled on a later date can be canceled. Hence, the invoice that has been posted already cannot be reversed anymore.
To proceed with the reversal, click the transaction ID of the chosen invoice, and a pop-up box on the right side will appear with the transaction's information.
On the transaction Details box, is where you will put a reverse transaction note, and proceed to click the Reverse button to complete the process.
To view the completed reversal invoice transactions, click on Ledger. The reversed invoice will show in real time as a Reversal type.
On the other hand, for credit reversal, still on the Billing, Activity Summary, then this time, you will go to the ledger. Click the transaction ID of the processed credit.
The transaction details will appear on the right side as with the invoice reversal, and from there, you will write a note of the reversed transaction and then click the Reverse button to complete the process.
On the same page, you will now see the reversed credit in Credit Reversal type.
Important Notes:
Reverse Credit:
If there is a negative balance on the account prior to submitting a credit, you will not have the option to reverse the credit because the credit will automatically be applied to the past-due invoice.
Reverse Invoice:
If the Invoice is associated with a payment the reverse option will not be available.