Voiding Transactions
The objective of this SOP is to guide team members on how to void a transaction accurately and efficiently when a mistake has been made in processing a payment or receiving a payment.
Key Steps
- Identify the Transaction: Determine the transaction that needs to be voided due to an error in processing.
- Access the Transaction: Navigate to the appropriate section in the system where the transaction is located (e.g., purchase invoices for outgoing transactions, terms and payments tab for incoming transactions).
- Void the Transaction from the sales or purchase document:
- Locate the payment to be voided in the terms and payments tab of the order or invoice.
- Click on the option to void the payment and provide a reason.
- Void the Transaction from the transactions screen:
- Locate the payment by using the appropriate filters.
- Void the transaction that you have opened.
- Void the Transaction from the Bank Account Register:
- Identify the transaction you need to void.
- Click to open the transaction and click the void action button.
- Reprocess Payment: After voiding the transaction, reprocess the payment with the appropriate payment type.
Cautionary Notes
- Avoid voiding transactions frequently as it may indicate underlying system or process issues.
- Ensure that workers have the appropriate permissions to void transactions to prevent unauthorized actions.
- Be cautious when voiding reconciled transactions, as it may require undoing reconciliation and should be done only when necessary.
Tips for Efficiency
- Keep a record of voided transactions for future reference.
- Double-check the reason for voiding a transaction before confirming the action.
- Communicate any voided transactions to relevant team members to ensure transparency and accuracy in financial records.