How to Cancel Wrongly Issued Receipt in i-Account

How to Cancel Wrongly Issued Receipt in i-Account

Introduction

i-Account users may occasionally issue receipts wrongly in the system, which could be due to incorrect unit owner, payment amount, bank account or other details. Additionally, it is possible that management policy does not allow editing or voiding of a receipt for control purposes.

 
Hence, to rectify the error, one alternative is to issue another transaction document (bank payment/ journal voucher) to cancel or effectively reverse/offset the wrongly issued receipt. 


Refer to the steps below:


Option 1 - Issue Bank Payment 
1. Go to Banking and General Ledger > Transactions > Payments to issue a Bank Payment to cancel the receipt.


2. Select the Date (same as the original incorrect receipt date) and select “Customer” from the Pay To drop-down listing.


3. Next, select the owner name from the Customer drop-down. 


4. Select the applicable bank for this Bank Payment document (same bank as the original incorrect receipt's bank).


5. Select the Payment Mode. 



6. Next, enter the Amount and you can enter a Memo to reflect the cancelation of receipt. 


7. Click on Process Payment to proceed.




This successful message will pop out once the Bank Payment has been successfully entered.


8. Next, you can allocate the incorrect receipt against the Bank Payment. To do allocation, go to Sales > Transactions > Allocate Customer Payments or Credit Notes.



9. Select the owner from the drop-down listing. 


10. Select the receipt number being canceled (e.g. OR-22-01-0016) by clicking on the Allocate icon. 


11. Allocate the OR against the Bank Payment that was entered earlier.


12. Click “Process” to complete the receipt cancellation. 


13. Once successfully allocated the receipt will no longer be listed here.

 
Option 2 - Issue Journal Voucher (JV)


Alternative way to cancel the receipt is for Admin to enter a Journal Voucher. Admin can allocate the receipt against Journal Voucher. The steps are as below:


1. Go to Banking and General Ledger > Transactions > Journal Entry to issue a journal for receipt cancellation. 


2. Set the Date  (same as the original incorrect receipt date). 


3. Key in the Debit and Credit entries for the journal as per below:


Debit:  Accounts Receivable/Debtor GL 
Credit: Bank GL


Note: For the Accounts Receivable/Debtor GL, users also need to select the applicable owner’s account code at the “Counterparty” dropdown.



4. Enter a Memo and click “Process Journal Entry” to proceed. 



This pop out message will appear once the journal is successfully entered.


5. Next, you can allocate the wrong receipt against the journal. Refer to the step 8 - 12 in Option 1 above to allocate the receipt. 

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Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.



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