Accounts Payable Wire Reversal in Microsoft Dynamics AX 2012
The purpose of this blog is to assist in the reversal of AP payments in AX 2012 that do not have check numbers such as Wire, Electronic Payment or ACH. It may be necessary for a payment to be reversed in order for corrections to be made. In order to reverse a wire payment the following steps should be followed:
1. Navigate to the All vendors area Accounts Receivable > Common > Vendors > All vendors.
2. In the all vendors page select the vendor for which the payment reversal is needed.
3. Once the appropriate vendor is selected click on the Closed Transaction Editing button which can be found under the Invoice tab.
4. Once in the Closed Transaction editing form navigate to the transaction that needs to be reversed. Click the Mark checked box located to the left of the transaction. This box will select the Payment voucher as well as the Invoice voucher so that both will be reversed at the same time.
5. The ‘Settlement reversal posting date is defaulted to ‘Latest date’ if left selected the date for reversal will be based on transactions. To have the reversal be date today select ‘Today’s date’ from the drop down.
6. Once the transaction is marked click the Reverse button on the closed transaction editing form. The payment and its corresponding vouchers will be reversed. Once the form has been reversed the transaction will no longer be visible in the closed transaction editing form.
7. Navigate to the open transaction editing form located under the Invoice tab. This form shows that the transactions that were marked were successfully reversed and that the link between the vouchers has been removed.
8. Close the Settle open transactions form.
9. Open the Payment Journal located in the invoice tab under the “new group” in the All Vendors.
10. When the payment journal is opened a new record will be created. Enter a name for the journal and navigate to the lines.
11. In the Journal Voucher form enter the Vendor Account in the account field.
12. Click on the Functions buttons and select the settlement option to open the Settle Open Transaction Form.
13. Mark the transaction for which the payment voucher is being canceled and then close the Settle Open Transactions Form.
14. When the form is closed a credit entry will be created for the payment voucher amount with an offset account “Bank”.
15. Post the journal and close the journal voucher form.
16. Navigate back to the All Vendors list and click the Transaction button located in the Transactions group in the ribbon.
17. In the vendor transactions form there is now a credit for the same amount as the original transaction.
18. The final step is to settle the credit and debit against one another. To complete this step navigate to the Closed Transaction editing button located in the Related Info group under the Invoice tab.
19. The closed transaction editing form will now show both the original payment voucher and newly created credit voucher. By clicking the mark button next to either transaction the other will automatically be selected. This shows the two transactions are associated and have been settled against each other.
