Total Legal Accounting 3
SECTION 5.3.6 - CANCELLED PAYMENTS
USAGE: To undo a payment that has already been entered. There are several uses for this function. A) a cheque can bounce. B) a receipt may have been applied to the wrong Creditor.
DISCUSSION: When you start the CANCELLED PAYMENTS program, the computer will initially ask for a Creditor code. Insert the code and press <Enter>.
To return to the CREDITOR DATA ENTRY MENU, press <ESC>.
To search for a Creditor, press <F9>. For further details on searches, see SECTION 1.2.
Having chosen a Creditor, the screen will display the name and address and recent balances, in full at the top of the screen. You will be asked to verify that this is the Creditor you wish and then the screen will display any unallocated credit transactions.
The screen will appear as follows:
The screen displays all the receipt transactions for the chosen Creditor with the original value of the transaction and the proportion still unallocated.
You can move around this screen the same way as when searching for a Creditor (see SECTION 1.1). To choose a transaction, press <F10> or <Enter>. You will then be asked to confirm your choice. Cancellation is the automatic.
Files updated by the Cancel Payments program:
Creditor master-file: The value of the payment will be added back to the outstanding balance of the Creditor.
Creditor transaction-file: There are several possible results. T.L.A. will create a CANCELLED RECEIPT transaction for the value of the original transaction. It will pay-off the original transaction, i.e. the original payment will be fully allocated. If the original payment was not allocated to anything, both the original and new transactions will be fully allocated. If the original payment was fully allocated, the new transaction will be fully unallocated. If the original transaction was partially allocated, the result will be a mixture of these two extremes.
General Ledger master-file: The Trade Creditors, Cash-at-Bank accounts are updated. If the original transaction included a discount and/or GST component, these will be unwound in their respective accounts.
General Ledger transaction-file: A transaction is posted for each transaction line.