Correcting and adjusting folio transactions

You can use the Adjust/Discount Record link on the Folio tab to reverse a charge that you have posted earlier. Charges can be corrected or adjusted only if the adjustment transaction code is configured to allow adjustments. The Transaction Code field defaults to the adjustment code and is protected by the system.

If the property parameter IGNOREPOSTLEVELFORADJRECORD is enabled, the user’s posting level is ignored by the system and a charge can be adjusted/corrected by the user.

Note: If the TAXINVATPAYMENT parameter check box is selected, you can correct the payment even if the payment is already invoiced.
Parameter TypeDescription Default
TAX INVATPAYMENCheck BoxIf this check box is selected, tax Invoices are generated when a payment is received.Unchecked

When you correct a folio transaction, the system moves the original transaction, and posts a correction transaction to the correction folio if the following conditions are met:

  • The property parameter MOVETOCORECTIONSFOLIO has a valid value.
  • The sum of the original and the correction transaction is zero and the adjustment transaction code does not have an auto transfer rule for the account.
Parameter Type Description Default
MOVECORRECTIONSTOFOLIO Text If this parameter has a valid value the system will automatically move the original and correction transactions to this folio if the sum of original and the correction transaction is zero. Folio Type Codes

To post a Adjust/Discount transaction on a folio:

  1. Click the Folio tab.
  2. Select the transaction record to Adjust/Discount.
  3. Click Adjust/Discount Record. Specify the following:
    Apply Adjustment as a Discount
    If you select this check box, the system additionally marks the adjustment as a discount. This allows reports to distinguish between adjustments and discounts for those properties that require discounts to show separately. If you select this check box, the value in the Percentage field defaults to 100 and the Amount field defaults to a contra or opposite amount with respect to the original posting amount. You can change the values.
    Percentage
    Specify the percentage and the amount is automatically calculated by the system. Alternatively, you can specify the amount in the Amount field and the percentage is automatically calculated by the system.
    The transaction code is corrected/adjusted and the Adjusted check box is selected by the system.
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