Cancel transactions posted during the current month

Menu 4.1

When canceling transactions, keep in mind the following:

• You cannot cancel a transaction from a closed batch, even if it was posted during the current month. For more information about closing batches, see Closing batches.
• If you cancel a transaction in which automatic interest was incurred, the amount of the write-off is automatically added back to the account record and the system adds a note to the record.
• You can only cancel the charge made to the client without affecting the charge made to the account. When you cancel a posting that updated an invoice (payment or adjustments for open item clients), the system deletes the amounts that have been posted to any invoices. If you want to change the amount of the interest, you must post an adjustment to the interest amount.
• To post an NSF reversal, see Post NSF reversals.

When you cancel a transaction in the same month in which it was posted, the system automatically does the following:

• Client statistics are reversed.
• The transaction does not print on the client statement.
• The date and amount of the transaction do not change.
• A charge made to a client as part of a spread code or an adjustment is canceled if the transaction made to the account is canceled.

To cancel and reverse a transaction posted in the current month:

1. From the Master menu, navigate to Trust Activity > Post (menu 4.1).

2. If your agency has set up a forwarding strategy in Account Flow Manager (see Menu 10.3 - Work Strategies), the Run Strategy Forwarding Report prompt may display when you enter the Posting screen immediately after logging into the system. If you are not sure what option to choose, contact your manager.

   Do one of the following:

   • To run the report, click Yes. To complete the steps for this report, see Running the Strategy Forwarding report.
   • To skip running the report, click No.
3. If The Collector System is in a preliminary Month-End process, the following prompt displays: Preliminary Month End in Progress. Use Old or New Month? At this prompt, select New, and press Enter or click Ok.
4. In the Posting screen, at the Enter Account# prompt, type C, and press Enter.