It may be possible that an invoice has been issued wrongly or with incorrect amounts. Once the invoice is posted to the finance system, it is usually not possible to reverse this process. In such a case, a Credit Note must be issued for correcting the situation.
Invoice reversal basically involves creating Credit Notes of the reversal amount. There may be two possibilities:
Reversing the Whole Invoice
In case, the invoice was issued wrongly and the entire amount needs to be reversed, TrakIT offers a shortcut way to reverse the entire invoice. There is a button 'Reverse Invoice' available on the Invoice page.
Clicking this button brings up the following popup:
- Create one or more Income accounts on the shipment with negative values matching the amounts to be refunded.
- Create a new Credit Note under the Invoices tab and add these accounts to the Credit Note.
- Once satisfied with the Credit Note preview and amount, the Credit Note can be approved and finalized.