Navigation: Client Administration > Search for Existing Client > Highlight the Client > Transactions button > Reverse Receipt button

Overview

This function allows you to completely cancel or undo a receipt that was previously recorded in MAXMONEY. This process is the same whether you are reversing a payment against a specific loan or a general client account.

Important Rules for Reversals

Before you proceed, you must understand the following critical rules:

• A receipt can only be reversed after it has been fully processed and recorded in the system.
• You cannot reverse a partial amount of a receipt. The entire original transaction must be reversed.
  • Workaround: If a partial reversal is needed, you must first reverse the entire original receipt and then process a new, correct receipt for the intended amount.
• You cannot reverse a reversal transaction itself.
• You cannot reverse a receipt that has already been reversed.

Step-by-Step Guide

1. Navigate to the Transactions Screen:

   • Go to Client Administration > Search for Existing Client.
   • Find and highlight the client, then click the Transactions button.

2. Select the Receipt to Reverse:

   • From the list of transactions, find and highlight the specific receipt you need to reverse.

3. Initiate the Reversal:

   • Click the Reverse Receipt button. A new screen will appear.

4. Confirm the Transaction Date:

   • The Transaction Date field will automatically display the date the original receipt was created. You should not normally need to change this.

5. Process the Reversal:

   • Click the Finish button to complete the reversal.

Effect of a Reversal

When you reverse a receipt, the system performs the following actions:

• It creates a full set of reversal accounting entries on the General Ledger to cancel out the original transaction.
• The client's loan balance is adjusted to reflect that the payment has been undone, and the amount is now owed again.
• This change will impact future interest calculations on the loan.

Action Buttons on This Screen

• Finish: Processes the reversal, creating the accounting entries and updating the client's loan balance.
• Cancel: Discards the reversal process and returns you to the previous screen without making any changes.