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R9 - Cancelling Payments

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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

ActionValidationsSystem Processing
CANCEL
  • Life Cycle State = Posted
  • Life cycle state of the Payment is set to cancelled
  • A new financial transaction of type classification "Payment Cancellation" is created
    • Life cycle state of the Payment Cancellation Type is set to posted 
    • Posted date is set equal to current date
    • Transaction number is set
    • Payment cancellation is set against the cancelled Payment
  • If payment is allocated against any invoices then its deallocated

Explaining Payment Cancellation Fields

Name

Description

NumberThe 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 reasonThe 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 CancelledThe payment that is cancelled by the payment cancellation
Payment amountThe amount of the payment which is cancelled
CategoryThe 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 reasonA description of the reason that the payment cancellation is issued
Shared NotesShared notes for the payment cancellation
Back Office Code
AVAILABLE FROM CRM.COM R9.0.0 

A code which is used by external systems in order to refer to the specific financial transaction.
The back office code is not mandatory but if specified then it should be unique

 

Cancelling Payments

  1. Navigate to  FINANCE > FINANCIAL TRANSACTIONS > MANAGE FINANCIAL TRANSACTIONS
  2. Search for the Financial Transaction you would like to cancel
  3. Click on the number/name of the record you would like to access, to go to the Data Entry page
  4. From the Action Menu click on ACTIONS > CANCEL to open Payment Cancellation form
    FINANCIAL TRANSACTIONS - PAYMENT CANCELLATIONS

    1. MAIN INFORMATION

      1. Type: Select the type of the cancellation Payment from the drop down list
      2. Issue Reason: Type the reason you are cancelling the Payment

    2. LOG INFORMATION

      1. Shared Notes: Provide further information related to the cancellation if required
    3. Click on SAVE

 

Visit Understanding Financial Transactions for business examples related to Cancelling Payments

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