Reverse Payment - Functional Specifications
This project aims to enhance payment processing option with the possibility to reverse a payment.
Once a payment has been created and processed, this process will add the possibility to create a new one opposite to original.
This is a useful feature to support bounced checks. Once the bank communicates a check has been bounced, this process permits user to revert payment process and leave open items exactly as they were prior to check payment.
Payment processing will be enhanced with a new option which allows user to reverse an existing payment.
This process will be launched from payment window using reactivate button.
A new option (Reverse) will be available, and when selecting it it will create a new payment equal to original but opposite.
When process finishes it will display a message showing the document number for the newly created payment.
This feature belongs to Advanced Receivables And Payables module and it is dependent on core.
Those payments with a generated credit amount different to zero and having that credit being used can not be reversed meanwhile the credit consumption is not undone.
- May 1: Invoice A for $100 payment terms immediate
- May 1: Check #1015 for $100 is received - Invoice A is considered paid.
- May 15: I go to the bank and deposit the check; my bank account balance is immediately incremented by $100.
For example, assuming that the balance in the morning of May 15 was $1,000; on May 16th, my bank statement shows:
- May 16, 2012 - Check #1015 deposit $100 Account Balance: $1,100
If on May 16, 2012, I reconcile my bank account, everything is fine.
- May 18: the bank reports that that the check bounced; the statement looks like:
May 18, 2012 - Check return -$100 Account Balance: $1,000
May 18, 2012 - Return handling fee -$25 Account Balance: $975
If I import at this point the bank statement into Openbravo, I need to record two new transactions:
- The first one causes the May 15th deposit to be reversed; it also causes invoice A to be marked as unpaid
- The second one needs to be accounted as a bank fee using a GL item
I then have the option to raise an addition invoice for $25 to the customer to recover this expense.
The payment date of the second should be defaulted to today, but should be possible to edit it.