Creating a Reversal

To completely reverse an application:

1. Create a Reversal Application:

• On AIA Style Billing, click New to create a new application; however, type the same Application No.
• Type a revision number or letters in the field beside the Application No field.

2. Negative Values:

• Type negative values in Column E for the reversal.
• These offset the original application amounts.
• Net effect is to zero out the original application.
• After finalizing the reversal, there is a message that the credit (and credit number) was created successfully and the application finalized.

3. AR Credit Memo:

• The reversal generates an AR credit memo.
• The credit reduces the customer’s balance.
• Original invoice and credit both remain in AR history.

4. Resubmit Corrected Application:

• After reversal, you can create a new application with correct values.
• This becomes the next sequential application number.