About voiding payments
To cancel a completed or in-progress payment, you need to void the transaction. Voiding the payment reverses its effect on the General Ledger and adds a balancing transaction to the Posted payments list. You can void a completed payment provided the payment is in an open period.
How voiding a payment works in Sage Intacct
You can void Accounts Payable payments from the Posted payments page. Alternatively, you can also void payments from the register that corresponds to the payment method you used, such as the cheque register or credit card register.
Voiding a payment reverses its effect on the General Ledger while leaving an audit trail of the original payment. When you void a payment, the following happens:
- Sage Intacct changes the status of the payment from Complete to Voided.
- A negative-value balancing entry is added to Posted payments, also with a Payment status of Voided. This creates a net effect of zero.
- Both transactions are given a Cleared status of (Void).
- The AP supplier invoices in the payment are available to be paid again in Pay AP supplier invoices, unless you reversed them when you voided the payment.
- Any credits that were applied as part of the payment are unapplied and are available for selection again in Pay AP supplier invoices.
| Vendor name | Payment status | Payment amount |
|---|---|---|
| Paperclips | Voided | (300.00) |
| Paperclips | Voided | 300.00 |
The reversing entry is treated as a new payment and is placed into its own payment group, based on the auto summary frequency. The title of the summary is prefaced with the word "Reversed".
Things to know about voiding payments:
- You can't void a payment that's in a closed period. In this case, either you need to open the summary and reconciliation, then void the payment, or date the void action on the next date available in an open period.
- You need to void payments in the entity where they were created.
- Void actions cannot be edited or undone.
Reversing AP supplier invoices when voiding payments
If you are voiding a payment because the AP supplier invoice itself was invalid, you can sometimes reverse the AP supplier invoice at the same time. When you reverse the AP supplier invoice, Sage Intacct creates a reversal transaction to balance the reversed transaction. The amount for the reversal is the balancing amount of the reversed AP supplier invoice. Reversed AP supplier invoices remain in the AP supplier invoices list but are not available for payment and do not affect the supplier balance.
You cannot undo the reversal. Instead, create a new AP supplier invoice to replace the AP supplier invoice you reversed.
Voiding an in-progress payment
To cancel an unconfirmed cheque or a pending ACH/bank file payment, void the payment where you generated it.
|
Payment method |
Void process |
|---|---|
|
Unconfirmed cheque |
If the cheque was printed individually, void the cheque in Print cheques. If the cheque is part of a run, void the cheque from the cheque run. |
|
Pending ACH payment |
Void the payment from within the ACH payment file. If you're using a NACHA-compliant bank file, follow the procedures for bank files. |
|
Pending bank file payment |
Void the payment from within the bank file. |
After you void an unconfirmed payment, it appears in Posted payments as a voided payment with an amount of 0. The amount reflects the fact that the payment never posted to the General Ledger.
