Journalized contract invoice reversal

You can reverse invoices that have already been journalized. Prior to running this action, verify that the BIR event code exists in the finance enterprise group event code list. If the event code does not exist, run the Update Global Ledger Event action on the finance enterprise group. Journalized retainer invoices cannot be reversed.

This list shows the results of reversing journalized invoices:

• Global Ledger journal entries are created to reverse the original invoice entries.
• New lines are created for the invoice reversals for external funding invoices and credit memo invoices in Receivables. The external funding invoice credits are noted with a triangle and with a total amount of zero.
• Transaction and milestone flags are reset.
• The project date range is validated, but these issues are not validated:
  • Valid pairs
  • Rules for structure validation
  • Inactive dimensions
• Project contract, project funding source, and LTD balance amounts are reversed.
• The status of the invoice is set to Created status. The invoices can be deleted or lines can be removed and re-journalized.
• The reversed billing is denoted with an event code of BIR.

Project Contract Invoice Reversal lines are created in ProjectContractReversalLine for the purpose of printing. The reversal records are a mirror image of the ProjectContractInvoiceLine records that are being reversed. All the signs will be reversed. Viewing the credit invoice requires a template be selected in the Main tab of the contract in the Invoice Reversal Format field.

When an invoice is reversed, the receivable credit memo will include the original invoice Company, Transaction Type and Transaction in the cross reference fields. The Auto Apply Credit Transaction will also be selected. The project contract invoice, certification number, and certification date fields are left blank on a reversal. The fields are left blank so the number can be used again when generating the correction invoice.