Enhanced interface

Reverse a customer advance

You can reverse advances from the Advances list, if it has not been applied yet. After an advance is applied to an invoice, it cannot be reversed.

After you reverse a transaction, you cannot undo the reversal. However, you can create another transaction to replace the original.

Subscription	Accounts Receivable
Regional availability	All regions
User type	Business
Permissions	Receive Advances: List, View, Reverse

Go to Accounts Receivable > All > Payments > Advances.
When you access the list from the top level, you initially see only records that were created at the top level. To see records created within entities, select Filters and then select Include entity records. Select Apply to update the filter.
Find the advance that you want to reverse.
Select More actions > Reverse at the end of the row.
In the Transaction Reversal Date window, enter the following:
- In Reverse the transaction on date, select the date for reversing the advance.
  
  In Reverse the transaction on date, select the date for reversing the advance. This date can be the payment summary date or a later date. You can even include a date from a prior closed period, so that your financial statements are correct.
- For the Memo, add a description that applies to this line item of the check.
  
  This text is for your information only.
Select Submit.

The Advances list appears, and you can see 2 line items for this transaction. (The transaction is not zeroed out so there's an audit trail.)

One line item is the original transaction, where the Reverse link now is labeled Reversed.
The other line item added by Intacct is the reverse transaction, which produces a net effect of zero. This transaction is labeled Reversal.

For example, you have an advance for $10. After reversing, you still have the original $10 advance, but also a transaction for -$10, resulting in a net of zero.

Go to Accounts Receivable > All > Payments > Advances.
When you access the list from the top level, you initially see only records that were created at the top level. To see records created within entities, select Include private.
Find the advance that you want to reverse.
Select Reverse at the end of the row.
In the Transaction Reversal Date window, enter the following:
- In Reverse the transaction on date, select the date for reversing the advance.
  
  In Reverse the transaction on date, select the date for reversing the advance. This date can be the payment summary date or a later date. You can even include a date from a prior closed period, so that your financial statements are correct.
- For the Memo, add a description that applies to this line item of the check.
  
  This text is for your information only.
Select Submit.

The Advances list appears, and you can see 2 line items for this transaction. (The transaction is not zeroed out so there's an audit trail.)

One line item is the original transaction, where the Reverse link now is labeled Reversed.
The other line item added by Intacct is the reverse transaction, which produces a net effect of zero. This transaction is labeled Reversal.

For example, you have an advance for $10. After reversing, you still have the original $10 advance, but also a transaction for -$10, resulting in a net of zero.

Next step: If you reversed the advance to correct it, receive a new advance with the corrected information.