How-to Tuesday: Confidently Void Payments on Invoices and Sales Receipts
In certain circumstances, you may need to void a payment from one of your customers. Voiding a payment doesn’t have to give you a headache when you have UnitWise on your side. Not only can you void a payment in UnitWise, but your account inventory and bank accounts will also automatically adjust to reflect that change.
Today, we’re going to take you step-by-step through voiding a payment.
How To Void A Payment On A Paid Invoice
You had an amazing party tonight with the most fabulous guests! At the party, your customer, Stacie Stephens, purchased a Mary Kay Clinical Solutions Retinal 0.5 Set. Before you created the invoice for this customer, the quantity on hand for the Clinical Solutions Retinal 0.5 Set item is 2.
For the purpose of this blog, we have created a bank account named “Hero How To,” so that you can see how the payment is reversed. Prior to the purchase, the “Hero How To” bank account has a balance of $1,000. With shipping and handling, the total amount from the order is $128.40. Once the invoice is saved, the customer has a Net Customer Balance of $128.40 and the quantity on hand for this product has changed from 2 to 1. Once you receive the payment and it is deposited to the “Hero How To” account, the balance on that account will automatically change from $1,000 to $1,128.40.
Now, let’s say you get home from the wonderful party and sit down to finish out the party details. You realized that you saved the invoiced and received the payment under the wrong customer, Jane Austin. Since the invoice and payment were saved under Jane, both the invoice and payment will need to be voided, then re-entered under Stacie’s customer profile.
To find the invoice that you need to void, go to “Invoices” under the “Customers” tab. From here, select “Paid Invoices” and the desired date range.
Click the pink arrow next to the invoice you would like to void, then click the Payment Receipt number.
To view the open invoice, click the Red C to go to the customer’s profile, then choose the Sales tab and you will see the open invoice.
After you complete the void in Jane’s customer profile, the total that was voided will be removed from the account where the payment was originally deposited. In this case, it was the "Hero How To" account. Once the payment has been voided, you will also need to void the invoice in Jane’s profile.
To fully void the invoice, go to “Invoices” under the “Customers” tab. Click the pink Invoice Number for the invoice you wish to void:
You will be asked to confirm if you would like to void the invoice. By selecting “Yes,” the customer’s balance will return to $0 or the original balance before the invoice was made. Additionally, the quantity on hand for the product(s) will return to the original value. In this example, the quantity on hand value for the Mary Kay Clinical Solutions Retinal 0.5 Set returned from 1 to 2 automatically.
All of your voided invoices live under “Invoices” in the “Customers” tab, simply click “Voided Invoices” on the left sidebar to view a list of all of your void invoices.
Void Payment on a Sales Receipt:
The process of voiding a sales receipt is similar to that of an invoice, but we’ll still go over it so you’ll feel confident the next time you need to void a sales receipt! This time, Stacie Stephens purchased a Mary Kay Supreme Hydrating Lip Stick, totaling $19.26. Again, the balance in the “Hero How To" bank account is $1,000, and the quantity on hand for the Mary Kay Supreme Hydrating Lip Stick is 2.
Once the Sales Receipt has been saved, the quantity on hand automatically adjusts from 2 to 1 and $19.26 is added to the “Hero How To” account for the amount of the purchase.
You realized that you saved the sales receipt under the wrong customer, Jane Austin. To void this payment, go to “Sales Receipt” under the “Customers” tab. Choose ‘Paid Sales Receipts’ on the left-hand side. Then click the pink receipt number to view the receipt.
Click “Void” to void the payment.
You will be prompted to confirm that you would like to void this payment.
Once the void is confirmed, the quantity on hand for the product will return to the original value and a credit in the amount of the payment is added to the “Hero How To” bank account.
With UnitWise you can void payments confidently, knowing your inventory and chart of accounts will be automatically adjusted to reflect any changes. Quickly void payments, then move on to something else like securing leads and supporting your team!
Was this article helpful? Tag us on Facebook to let us know what you would like to see featured on the next “How-to Tuesday!”