{"id":5114,"date":"2013-11-18T06:12:20","date_gmt":"2013-11-18T06:12:20","guid":{"rendered":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?p=5114"},"modified":"2019-02-28T11:01:51","modified_gmt":"2019-02-28T11:01:51","slug":"reverse-transactions-receipt-reversal-transaction-in-sage-300-erp","status":"publish","type":"post","link":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/","title":{"rendered":"Reverse Transactions \u2013 Receipt Reversal Transaction in SAGE 300 ERP"},"content":{"rendered":"

Posted receipts cannot be edited in any ERP. SAGE 300 ERP allows you to reverse them to correct errors.<\/p>\n

One might need to reverse a receipt when his customer stops payment on a receipt or if a receipt comes from an account with non-sufficient funds or check no. mentioned in receipt was wrongly entered or if receipt is made against another customer or so on.
\nWhen we do receipt reversal in SAGE 300 ERP that was entered in Accounts Receivable, Bank Services automatically updates the customer account in Accounts Receivable.<\/p>\n

For an e.g. firstly let\u2019s have a look on the Bank Book Balance. Then after making Receipt entry we can analyze the Bank Book Balance and see the impact.\u00a0\"Untitled\"<\/a><\/p>\n

Now let\u2019s post the A\/R Receipt entry of 1,000 USD (US Dollars) and the payment method is \u201cCheck\u201d.<\/p>\n

\"Receipt<\/a><\/p>\n

Now you can see the impact of A\/R Receipt entry on the Bank Book balance in SAGE 300 ERP.\u00a0\"Untitled\"<\/a><\/span><\/p>\n

A Deposit is increased by 1,000 USD and now it is 8,695.99 USD.
\nA Current Balance is also increased by 1,000 USD and now it is 9,696.99 USD.<\/p>\n

Reverse Transactions (Receipt Reverse):<\/b>
\nYou can see below the example of Reverse Transaction for A\/R Receipt (Accounts Receivable) against the customer.<\/p>\n

\"Reverse<\/a><\/p>\n

After selecting the Bank Code, Source Application, Reversal Date, Customer posts the entry.
\nAfter this your Bank Book and Bank GL balance both will be reduced.<\/p>\n

Just with a few clicks the Receipt Reversal entry will be generated in SAGE 300 ERP, here no need to pass the manual entry for making Reverse Receipt.<\/p>\n

New Stuff:<\/strong><\/em>\u00a0Standard cost functionality in Sage 300 ERP<\/a>
\nNow we can see the impact and verify the Bank Book Balance, Bank GL Balance and Vendor Balance one by one.<\/p>\n

Bank Book Balance Status after A\/R Receipt Reverse Transaction:<\/b>
\nIn below box you can identify the Bank Book Balance.\"Untitled\"<\/a><\/p>\n

A Deposit is remaining same but Withdrawal is increased by 1,000 USD and Current Balance is decreased by 1,000 USD.<\/p>\n

G\/L Effect of Payment Reversal Transaction in SAGE 300 ERP<\/b><\/p>\n

Effect of Payment Reversal on Bank GL Balance in SAGE 300 ERP:<\/p>\n

\"Transaction<\/a><\/p>\n

Here we can see the selected part in the report out of which second is the A\/R Receipt Entry of 1,000 which is on debit side.
\nThe first is the Reverse Entry of the A\/R Receipt of 1,000 which is on credit side.\u00a0<\/span><\/p>\n

Effect of Payment Reversal on Vendor Balance in SAGE 300 ERP:<\/p>\n

\"Customer<\/a><\/p>\n

We can see the selected part in the report out of which second is the A\/R Receipt Entry of 1,000 which is in positive (debit).
\nThe first is the Reverse Entry of the A\/R Receipt Entry of 1,000 which is in negative (credit); one more thing you can see is before Receipt No. R<\/b> is added as a prefix which indicates the Reverse Transaction.<\/p>\n

SAGE 300 ERP takes care of both your bank as well as your accounting. It reduces the manual efforts of an end user thus making a payment reversal process automated through the SAGE 300 ERP.<\/p>\n

Through the reference of G\/L Transaction Listing Report and A\/R Customer Transaction Report we can come on conclusion that our Bank GL and Vendor Balance are also properly affected. After posting Receipt Reversal transaction, system automatically affects the accounting in SAGE 300 ERP.<\/p>\n

About Us<\/strong><\/span>
\nGreytrix<\/a>\u00a0a globally recognized Premier Sage Gold Development Partner is a one stop solution provider for Sage ERP and Sage CRM needs. Being recognized and rewarded for multi-man years of experience, we bring complete end-to-end assistance for your technical consultations, product customizations, data migration, system integrations, third party add-on development and implementation expertise.<\/p>\n

Greytrix<\/a>\u00a0offers unique GUMU™ integrated solutions of\u00a0Sage 300 with Sage CRM,<\/a>\u00a0Salesforce.com\u00a0<\/a>and\u00a0Magento eCommerce<\/a>\u00a0along with Sage 300 Migration from\u00a0Sage 50 US, Sage 50 CA, Sage PRO, QuickBooks, Sage Business Vision and Sage Business Works<\/a>. We also offer best-in-class\u00a0Sage 300 customization and development services<\/a>\u00a0and integration service for applications such as\u00a0POS | WMS | Payroll | Shipping System | Business Intelligence | eCommerce for Sage 300 ERP<\/a>\u00a0and in Sage 300c development services we offer services such as upgrades of older codes and screens to new web screens, newer integrations using sdata and web services \u00a0to Sage business partners, end users and Sage PSG worldwide. Greytrix offers over 20+ Sage 300 productivity enhancing utilities that we can help you with such as\u00a0GreyMatrix<\/a>,\u00a0Document Attachment<\/a>,\u00a0Document Numbering<\/a>,\u00a0Auto-Bank Reconciliation<\/a>,\u00a0Purchase Approval System<\/a>,\u00a0Three way PO matching<\/a>,\u00a0Bill of Lading<\/a>\u00a0and\u00a0VAT for Middle East<\/a>.<\/p>\n

For more details on Sage 300 and 300c Services, please contact us at\u00a0accpac@greytrix.com<\/a>. We will be glad to assist you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Posted receipts cannot be edited in any ERP. SAGE 300 ERP allows you to reverse them to correct errors. One might need to reverse a receipt when his customer stops payment on a receipt or if a receipt comes from an account with non-sufficient funds or check no. mentioned in receipt was wrongly entered or\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[342,1295,2170,2177,2289,2447],"class_list":["post-5114","post","type-post","status-publish","format-standard","hentry","category-sage-accpac","tag-bank-reversal-in-sage-accpac","tag-incoming-payment-reversal","tag-receipt-cancellation","tag-receipt-reversal","tag-reverse-transaction-in-sage-300-erp","tag-sage-accpac-reversal"],"yoast_head":"\nReverse Transactions \u2013 Receipt Reversal Transaction in SAGE 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reverse Transactions \u2013 Receipt Reversal Transaction in SAGE 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"og:description\" content=\"Posted receipts cannot be edited in any ERP. SAGE 300 ERP allows you to reverse them to correct errors. One might need to reverse a receipt when his customer stops payment on a receipt or if a receipt comes from an account with non-sufficient funds or check no. mentioned in receipt was wrongly entered or\u2026 Read More »\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/\" \/>\n<meta property=\"og:site_name\" content=\"Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"article:published_time\" content=\"2013-11-18T06:12:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-28T11:01:51+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled2.png\" \/>\n<meta name=\"author\" content=\"sage300\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sage300\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/\",\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/\",\"name\":\"Reverse Transactions \u2013 Receipt Reversal Transaction in SAGE 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components\",\"isPartOf\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled2.png\",\"datePublished\":\"2013-11-18T06:12:20+00:00\",\"dateModified\":\"2019-02-28T11:01:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/#primaryimage\",\"url\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled2.png\",\"contentUrl\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled2.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/reverse-transactions-receipt-reversal-transaction-in-sage-300-erp\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Reverse Transactions \u2013 Receipt Reversal Transaction in SAGE 300 ERP\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website\",\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/\",\"name\":\"Sage 300 ERP \u2013 Tips, Tricks and Components\",\"description\":\"Explore the world of Sage 300 with our insightful blogs, expert tips, and the latest updates. 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