How to Reverse a Posted Accounts Receivable Receipt or Prepayment in MIP

Step 1: Navigate to Activities > Manage Sessions < Reverse Posted Session.

Step 2: Enter the transaction type ARC if it was a receipt on an invoice or ARP if it was a prepayment, the original session ID, and a new session ID. User the original effective and document dates and save. Post if you need to reverse the entire session or move to the next step if you only need certain documents from the session reversed.

Reverse Session in MIP

Step 3: Navigate to Transactions > Accounts Receivable > Enter A/R Receipts, select the newly created reversal session ID, and select Start.

Step 4: Delete all of the GOOD receipts (that you do not want to reverse) out of this reversal session. This can be completed quickly by:

  • Selecting the Find button at the bottom
  • Filtering for invoices NOT EQUAL to the receipts number(s) you need to reverse (in this case we want to reverse 001)
  • Select the Display Records button

Accounts Receivable Receipts Session in MIP

  • Select the green check mark button to select all and then select the red X button to delete all but the receipts(s) you wish to reverse (in this case – we are deleting 002)

 

Select receipts in MIP to reverse.

Step 5: Click OK and then save the document (make no changes to the receipt at this point.)

Step 6: Close the reversal session and post it.

Step 7: This will reverse a single (or multiple when appropriate) ARC(s) out of an entire session of Accounts Receivable Receipts Documents.

Register for our MIP Fund Accounting newsletter today!

If you need assistance with your MIP Fund Accounting software or have additional questions, please contact our MIP support team at 260.423.2414 or at 800.232.8913.

Copyright 2023 DWD Technology Group | All rights reserved. This article content may not be reproduced (in whole or in part), displayed, modified or distributed without express permission from the copyright holder.