Has this ever happened to you? You're working on multiple invoices and realize that you applied a credit to the wrong invoice. Don't worry, it's nothing to sweat over. In Release 3 of Sage Intacct 2021 (not to be mistaken with the current release 2021.4), Sage added a new functionality which provides users an easier option for correcting applied credits. Users are now able to unapply credits from a posted invoice in accounts receivable.
Before taking steps to unapply any credits, there are permissions setup which are required:
- Account Receivable
- Posted Payments
- List and View
Now you're able to unapply a credit from a posted payment which I will explain in this example. I have applied a credit of $100 to an open invoice for $100 with a $0.00 payment.
Next, I will walk through un-applying the entry above:
- Go to Accounts Receivable > All > Payments > Posted Payments
- Find the Payment you want to change
- Click on the 'Unapply' option
- Choose 'Reverse the transaction on date' option in the top portion of the page - this is to reverse the payment
- DO NOT CHECK THE BOX at the bottom section of the page where it says "Select the items you want to reverse..." - THIS WILL REVERSE THE INVOICE.
- Click 'Submit'
The Posted Payments will show the records as "Reversed" and "Reversal". At this point the credit is available and can be applied again.
Questions?
Don't hesitate to reach out and ask us any questions you may have, it's what we're here for!
