In AR, a posting date can be set prior to the receipt date but when reversing, it is this posting date (and period) that becomes neglected. Our clients have flagged the need to be able to receipt and reverse using the same consistent dating structure for when reconciling their accounts period by period.

As it stands now in AR, a receipt 'posted' in a monthly period that is BEFORE the actual receipting date reconciles for the posted period as the posting date.

When that receipt is reversed in Bank Services, the 'receipt date' can only be used to determine the reversal date, the user does not have the ability to then assign the original posting date (period) to the reversing transaction. In effect, the reconciliation of the reversal is only then realise in the next month compared to its original receipt ‘posting period’ flagging a reconciliation inconsistency.

The receipt and revesal should ultimately be consistently recorded as essetially what a reversal should do is completely roll back a transaction as if it was never recorded. As of the current design where this is done in 2 seperate periods, it does not adhere to this notion and this should be considered going forward.

by: Shay G. | over a year ago | Financial Management