How to Reverse a prepayment Not Applied to an Invoice in Sage 300
How to Reverse a prepayment not applied to an invoice
Steps for Reversing a Prepayment in AP:
- Create an Adjustment Entry (DR to the G/L Account where the monies were originally withdrawn from).
- Once done, post the AP Adjustment Batch. This will not update Bank Services.
- A Bank Entry must now be created. See Common Services > Bank Services > Bank Transactions > Bank Entry
- Enter a description for the bank entry
- Select the Bank Code, then select the Bank Entry Type as “Deposits”
- Credit the G/L Account from which money is being reversed (possibly an AP expense account).
- Post Bank Entry
- Delete the GL batch created from Bank Services so that the AP side isn’t affected again.
Pre-Payment has now been reversed.