There may be times when you want to view a vendor debit before or after you've applied it or received a refund for it. MYOB AccountEdge allows you to easily find the vendor debits you've entered into the system.
| Note: You can still use Find Transactions to find vendor debits You may want to use the Find Transactions window if you're searching for specific vendor debit. There are more detailed search methods available to you if you use Find Transactions than if you use the Purchases Register. |
There also may be times when you want to remove or reverse ("unapply") a vendor debit that you mistakenly applied to a purchase, or when you want to remove a refund you received from a vendor. When this is the case, you can quickly remove the effects of such a transaction from your records.
If you want to reverse a debit payment from a vendor that was recorded on a bank deposit for undeposited funds, you'll complete some additional steps. When a payment is recorded in this manner, it is first recorded in the undeposited funds account and then the amount is transferred to the bank account when the bank deposit is recorded. While reversing the payment removes the payment from the undeposited funds account, the additional steps are needed to remove the payment from the bank account.
An important point to consider is whether the vendor debit is changeable or unchangeable. If the transaction is changeable, you can make changes or remove the vendor debit altogether from your ledger.
Unchangeable transactions work differently. By reversing an unchangeable vendor debit, the effects of the original will no longer be part of your ledger; however, a record of the reversed vendor debit, called a reversing transaction, will remain. Then, if you want, you can enter a new, correct transaction to replace the transaction you reversed. See What are changeable and unchangeable transactions? for more information.
If you notice a problem with a vendor debit you've already settled, you can't simply change the debit. You'll need to first unapply the debit -- remove (or reverse) the refund, then re-apply the debit or record a new check.
Click below for the step-by-step procedure:
To find a vendor debit before it's settled
To find a vendor debit after it's applied
To find a vendor debit after you've received a refund for it
To remove an applied vendor debit or a vendor's refund
To reverse an applied vendor debit
To reverse a vendor's refund that was recorded on a bank deposit for undeposited funds
Vendor Debits Overview - Finding, removing and reversing vendor debits