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Find out about Payment Cancellation; used, when you want to cancel a posted payment |
What does this section cover?
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What is Cancelling Payments
In CRM.COM once a Financial Transaction is created, then it can not be deleted, regardless of its Life Cycle State. In cases where the Payment's Life Cycle State is still Draft then the Payment can be rejected. See Rejecting Draft Financial Transactions.
In case where the Payment has already been posted then it will need to be cancelled in order not to affect the account balance of the customer. Cancelling a Payment will create another Financial Transaction of Classification Payment Cancellation and will allocate it against the Payment
Validations & Restrictions
| Action | Validations | System Processing | ||||||
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| CANCEL |
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Explaining Payment Cancellation Fields
Name | Description | ||||||
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| Number | The transaction number of the payment cancellation which is automatically generated on posting the payment cancellation | ||||||
| Reference number * | The reference number of the payment cancellation which is automatically generated on creating the payment cancellation | ||||||
| Accounts receivable* | The related accounts receivable | ||||||
| Financial transaction type* | The financial transaction type. Only financial transaction types classified as payment cancellation can be applied | ||||||
| Life cycle state* | The life cycle state of the payment cancellation | ||||||
| Rejection reason | The reason that the transaction was rejected, which is applicable and is mandatory only if the transaction is rejected while being in draft life cycle state | ||||||
| Payment Cancelled | The payment that is cancelled by the payment cancellation | ||||||
| Payment amount | The amount of the payment which is cancelled | ||||||
| Category | The category of the payment cancellation . Only categories listed as allowed on the related financial transaction type can be applied | ||||||
Issued on* | The date that the payment cancellation was issued | ||||||
| Posted on* | The date that the payment cancellation was posted | ||||||
| Issue reason | A description of the reason that the payment cancellation is issued | ||||||
| Shared Notes | Shared notes for the payment cancellation | ||||||
Back Office Code
| A code which is used by external systems in order to refer to the specific financial transaction. |
Cancelling Payments
- Navigate to FINANCE > FINANCIAL TRANSACTIONS > MANAGE FINANCIAL TRANSACTIONS
- Search for the Financial Transaction you would like to cancel
- Click on the number/name of the record you would like to access, to go to the Data Entry page
- From the Action Menu click on ACTIONS > CANCEL to open Payment Cancellation form
MAIN INFORMATION
- Type: Select the type of the cancellation Payment from the drop down list
- Issue Reason: Type the reason you are cancelling the Payment
LOG INFORMATION
- Shared Notes: Provide further information related to the cancellation if required
- Click on SAVE
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Visit Understanding Financial Transactions for business examples related to Cancelling Payments |
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