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 using the Purchases Register window or the Find Transactions window.
Delete or reverse
There may also be times when you want to delete or reverse ("unapply") a vendor debit that you mistakenly applied to a purchase, or when you want to delete a refund you received from a vendor. When this is the case, you can quickly delete the effects of such a transaction from your records.
Payment receipts correspond directly to cash receipts transactions. Because of this relationship, when you reverse or delete a vendor refund you should be aware of the impact of that action on any payment receipts that you have printed.
If you want to reverse a vendor's debit payment that was recorded on a bank deposit for undeposited funds, you must complete some additional steps. Payments recorded in this manner are first recorded in the undeposited funds account. Then the amount is transferred to the bank account when the bank deposit is recorded. While reversing the payment deletes the payment from the undeposited funds account, additional steps are needed to delete the payment from the bank account.
Changeable or unchangeable transactions
An important point to consider is whether the vendor debit is changeable or unchangeable. (Choosing changeable or unchangeable transactions)
If the transaction is changeable, you can make changes or delete the vendor debit altogether from your ledger.
Unchangeable transactions work differently. If you reverse an unchangeable vendor debit, the effects of the original transaction 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. (Choosing changeable or unchangeable transactions)
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 -- delete (or reverse) the refund, then re-apply the debit or record a new check.
Step by step