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We entered the wrong amounts for items in receivables, and discovered it after posting everything. How can we reverse the payment made in receivables? Will this correct fund accounting, too?

Pastor K wrote:We entered the wrong amounts for items in receivables, and discovered it after posting everything. How can we reverse the payment made in receivables? Will this correct fund accounting, too?

You will have to create reversing transactions in AR, then post. This will fix funds accounting once you post the transactions there.

This thread basically says it all:

http://powerchurch.com/forum/viewtopic. ... 885&p=3211

Now, if the error was made when posting a payment to an invoice and the invoice is still OPEN, you can then just do the reversal by posting a negative payment, (-10.00) to the invoice, then posting in AR and FA.

Perfect fix! Thanks for your help.

We discovered what happened to our balances. We entered the amounts for the line items first in AR in the invoice. When we then entered the total at the top it changed the first line to the total. When we saved the transaction, it changed the total to match the new amounts of the lines. The default is great until you try to do something else!