Show TOC

Procedure documentationCanceling Incoming Payments Locate this document in the navigation structure

 

Follow this procedure to cancel Incoming Payments created for cash, bank transfers, and checks.

Note Note

When a payment on account is included in a payment order run, you cannot cancel it.

End of the note.

Note Note

When a payment contains canceled or endorsed checks, you cannot cancel it.

End of the note.

Note Note

When a payment contains checks that are deposited through the Postdated Check Deposit window, you cannot cancel the payment through the Incoming Payments window. However, you can cancel the other checks of the payment, whether deposited or not deposited, through the Check Register window.

End of the note.

Procedure

  1. From the SAP Business One Main Menu, choose   Banking   Incoming Payments   Incoming Payments   and display the payment you want to cancel.

  2. In the document, right-click and choose Cancel.

  3. When asked whether to cancel the incoming payment, choose Yes to complete the cancellation.

    Note Note

    If the payment means is check, and the checks are already deposited, another message appears asking whether to credit the checks received account for any deposited amount. Choose Yes to complete the cancellation.

    End of the note.

    Note Note

    If the current system date is not the original document date, the Cancellation Options window appears.

    Select one of the following:

    • Current System Date – to assign to the transaction resulting from the cancellation the current date

    • Original Document Date – to assign to the transaction resulting from the cancellation the same date (posting date, due date, and document date) as is assigned to the canceled document

    Choose OK to complete the cancellation.

    End of the note.

Result

  • A reverse journal entry is created in order to cancel the journal entry created when the incoming payment was added. The date assigned to this transaction is according to the selection you made in the Cancellation Options window. The Remarks field of this journal entry indicates that this is a reverse transaction for a specific incoming payment.

    If the canceled incoming payment was created for specific transactions or documents, the reconciliation performed as a result of adding the incoming payment is canceled, and the balance due amounts in the transactions/documents paid are updated accordingly. Documents paid and closed by the canceled incoming payment are reopened.

  • If the payment means is check, and the checks are not deposited, the cancellation of this incoming payment cancels the checks. To view the status of a check, select the check in the Check Register window, and select the Check Status tab.

    If the payment means is check, and the checks are already deposited, the cancellation of this incoming payment does not cancel the deposited checks and deposits. The cancellation of this incoming payment cancels the internal reconciliation between the incoming payment and the deposit.

    Note Note

    If you want to cancel the deposited checks and deposits together with the incoming payment, see Canceling Checks.

    End of the note.
  • The Journal Remarks field in the canceled incoming payment displays the text: Cancelled.