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Empty invoice for R&D

in this quick start tutorial I will show you how to reverse an invoice payment transaction this tutorial is based on a request the question I received is if a customer invoice payment was entered in G cash and the check was returned for insufficient funds how is the invoice payment voided or reversed to answer the question ganu cash doesn't have a dedicated void button but reversing the transaction function effectively achieves the same results but before you begin making these type of changes to your original records it's a good idea to have a backup file of your work until you're sure you have the results you were looking for if you like my tutorials and find them helpful Please Subscribe let's begin here you see I'm starting out with a zero balance in accounts receivables which means no one owes me anything everything is paid up and if I look in my checking account you can see the payment deposits all positive but here we have Deborah Lynn her check for $50 bounced so I need to reverse this payment to reverse an invoice payment navigate to the relevant customers's account register by selecting business on the menu bar and then customer overview here on the customer overview page you have a list of your customers and access to their payment reports to access a customer payment report scroll through the list to select the customer if the list is short like I have here you don't have much to scroll through but if you have a long list you can click on the tabs at the top to sort the list in a sending order for example I can click on the company name Tab and it will list the customers in alphabetical order this will make it a little easier to find the customer you're searching for in this example I want to reverse the transaction for Deborah Lynn so I will click on her name to view her customer account register page here I see the payments I entered for this particular customer ing to her record the total due is zero I want to reverse the $50 payment since it was returned for insufficient funds to reverse a payment click on the link to the payment you want to reverse this will take you to the accounts receivable register where the payment transaction was originally recorded as paid once you clicked on the link the selected transaction should be highlighted in the accounts receivable Ledger you can tell when it's highlighted because it will appear in a bright yellow color with the payment transaction you want to reverse highlighted select from the menu bar transaction and then select add reversing transaction enter the date if different by clicking on the drop- down arrow to bring up the calendar you you can use to change the date and if I scroll down to the bottom this creates a new transaction in the accounts receivable register that cancels out the original payment I can see that Deborah ly's payment is no longer valid it now shows the payment that is due which is the $50 for the bounce check now it is as if the customer never made a payment which is what you want now you want to double check your entries reversing a payment will adjust the customer's balance and update the relevant accounts in your general ledger you want to make sure the amounts and accounts are correctly set to accurately reflect the cancellation here on the main screen we can see that the accounts receivables assets account shows that the business has earned $50 which is still unpaid and if I look in the customer's register I can see the total due is $50 and the system describes the reversal as a refund to the customer next we want to look at the asset checking account here I notice a withdrawal has has been added to the checking account for the $50 reversal for the customer deerlin which reduces how much money this particular customer has actually paid toward the money owed to the company now if I don't do anything at this point when I close out and open the program again I will be greeted with a message informing me that Deborah Lynn still owes $50 that's it now you know how to reverse a payment you originally entered as paid