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Reverse Multiple Transactions

  • 1.  Reverse Multiple Transactions

    SILVER CONTRIBUTOR
    Posted Jan 13, 2020 09:16 AM
    Hi,

    We have a challenge where we did not change the date on the VAT codes so on 1st Jan 2020 our STD VAT went from 20% to 0%. This was not noticed when we returned to work on the 6th or 7th of January. Once it was noticed on the 8th it was corrected and everything is as normal.

    The challenge is that we have posted 150 invoices which have no VAT on them. I know we can credit the invoices with no VAT and re-create them with the VAT but is there a quicker way of doing this?

    Thanks in advance for your help

    Cheers
    Fraser

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    Fraser Kidd
    Livingston Precision Engineering (Ltd)
    Livingston
    ------------------------------
    Academy - Online Interactive Learning from Experts


  • 2.  RE: Reverse Multiple Transactions

    TOP CONTRIBUTOR
    Posted Jan 13, 2020 12:39 PM
    How were your invoices created?
    Using Free Text Invoice, Sales Order Invoice, Project Invoice or something else?

    and a more strategic question - is there a reason why your VAT is set up to "expire" at the end of the year? This is not a standard way to configure VAT

    ------------------------------
    Zvika Rimalt
    Functional Consultant
    Vancouver BC
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 3.  RE: Reverse Multiple Transactions

    SILVER CONTRIBUTOR
    Posted Jan 14, 2020 04:03 AM
    Hi,

    The invoices were created from Sales Orders.

    The expire date was set up by our Vendor and we didn't realise it had been setup until we noticed our Purchase Orders had no VAT and on further inspection it was the same on the sales side. This has now been rectified and the VAT will not expire again.

    Cheers
    Fraser

    ------------------------------
    Fraser Kidd
    Livingston Precision Engineering (Ltd)
    Livingston
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 4.  RE: Reverse Multiple Transactions

    SILVER CONTRIBUTOR
    Posted Jan 14, 2020 04:56 AM
    Hi Fraser,

    There is the option of posting VAT correction journals through the GL. This would be ok for PL Invoices as your supplier will have accounted for the VAT.

    I would assume that the customer will also require an updated copy of the invoice inclusive of VAT as well for their records?  If this is the case then credit & re-invoice is the only route. I would justuse the FT invoice functionality for this and utilise the Excel upload options.

    Kind Regards

    Mark

    ------------------------------
    Mark Bailey
    Application Consultant
    Annata
    Portsmouth
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 5.  RE: Reverse Multiple Transactions

    TOP CONTRIBUTOR
    Posted Jan 14, 2020 09:13 AM
    You might explore exporting the erroneous sales orders to a file, make the necessary changes to credit rather than debit and import them as new sales orders.  This may involve multiple files (Sales Order Header, Sales Order lines).  You could also use this method to load the sales orders to reinvoice.

    ------------------------------
    Mark Schurmann
    Accounting Systems Manager
    Automobile Protection Corp
    Norcross GA
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 6.  RE: Reverse Multiple Transactions

    TOP CONTRIBUTOR
    Posted Jan 14, 2020 03:31 PM
    ​If you decide to take this approach, you might want to load the credit orders as sales journals to start with.  That will load them without any InventTrans records.  The InventTrans records will be created when you change the type to Sales Order.

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    Kevin McLean
    Strategic Solutions NW, LLC
    Beaverton OR
    ------------------------------

    Academy - Online Interactive Learning from Experts


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