There are times when a purchase needs to be reversed (in Jim2 terms, the purchase is unprinted), regardless of whether it has been paid or not.
Jim2 handles this action by entering a reversal entry for the purchase, a reversal entry for any discounts applied, and the payment becomes a credit amount which can be applied to another purchase at any time.
The payment entry is not reversed – it becomes a credit on that creditor's record.
The bank account and creditor's balance in respect of that payment entry have not changed. Only Jim2 has changed in relation to that payment entry to make it show as a credit, not an applied payment.
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Reversal entries are created from purchases that are unprinted. |
Further information
Creditors Allocate Payments Grid
Creditors Adjustments Up and Down
Discounts and Account Fee entries
Manage Payment Returned from Bank