Use realized gain or loss entries to reverse ledger entries

Enabled for	Public preview	General availability
Users, automatically	Sep 1, 2023	-

Business value

From time to time, you'll need to recover from mistakes, so we've improved the features for reversing transactions to save you time both when you enter data and when you validate manual postings.

Feature details

You can use the Reverse transaction action to reverse payments that were applied to entries that originated in foreign currencies and were adjusted using the Exchange Rate Adjustment batch job. The feature works for both purchases and sales.

The following is a simple scenario that illustrates how it works:

1. Post a sales invoice for a customer using a foreign currency.
2. Adjust the exchange rate for that currency.
3. Post a payment applied to the invoice.
4. Un-apply and reverse the payment transaction, for example, from the Customer Ledger Entries page.

With this one-step (actually two because you must always un-apply entries before you can reverse them) you can easily undo mistakes that also involve currency adjustments.

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See also

Reconcile Customer Payments with the Cash Receipt Journal or from Customer Ledger Entries (docs)