Reversals and cancellations

The Collector System offers different ways of reversing or canceling incorrect transactions or posting errors depending on whether the posting:

occurred during the current month or a previous month, or
if the posting has appeared on a statement.

You can correct mistakes by canceling transactions or by posting adjustments. If the transaction is during the current month and has not appeared on a statement, Finvi recommends that you cancel the transaction. This will keep the transaction from appearing on a statement.

If the posting is from a previous month and/or has appeared on a statement, then the transaction will need to be reversed. Reversing a transaction is as simple as posting the same transaction code and date, but with a negative dollar amount that's equal to the original amount posted.

For example, transaction code 1 posted on March 15, 2020 for $100 needs to be reversed. To reverse this posting, you would post a transaction code 1 with a posting date of March 15, 2020 for -$100 (negative $100). This reversal will also appear on the statement. Both transactions will essentially null out the payment. Then the correct payment can be posted.