To cancel a payment transaction
Canceling a payment transaction is similar to reversing a payment, except that only the income is reversed and it may include a full or partial payment. Because the payment is not also reversed, the cancellation process creates an outstanding credit in Accounts Receivable. This credit can be refunded or applied to other sales transactions at a later time.
Note: To process a cancellation with the following steps, the Cash Dues Over/Under Payments Create AR option must be enabled (see Set up general options window).
Note: If your system is licensed for Deferred Income and the product being reversed is normally deferred, iMIS will automatically adjust the deferred income and any income recognized for this product during the GL Interface procedure.
In the case of a customer cancellation:
For a non-dues billing-related subscription product:
10.5 Production Release. Updated 10/5/2005 3:11:44 PM
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