When you void a payment, Payables automatically reverses the accounting and payment records so your general ledger will have the correct information, and so the status of the paid invoices is reset to Unpaid. Payables also reverses any realized gains or losses on foreign currency invoices recorded as paid by the payment.
When you void a payment, you can select the action you want Payables to take on the invoices paid by the void payment. You can choose to place the invoices on hold, cancel the invoices, or do nothing with the invoices, leaving them available for payment.
If you select the Allow Interest Invoices check box in the Interest tab of the Payables Option page, Payables automatically reverses all related interest invoices when you void a past-due payment for the supplier site.
If you withhold taxes at payment time and you void a payment that paid an invoice with an associated withholding tax invoice, then Payables automatically creates a negative (reversing) invoice for the tax authority supplier to offset the amount of the tax withholding invoice. You determine when you withhold taxes by selecting the Apply Withholding Tax option in the Payables Options page.
Warning: Since you cannot reverse a void on a void payment, before voiding a payment you should ensure that the payment cannot be cleared. For example, you should have proof from your bank that a stop has been placed. Or, if the payment is a printed check, you should have the check in your possession or have proof that it was destroyed.
Attention: Voided checks are not included in 1099 payment totals, regardless of when the void occurred.
Call your bank to initiate a stop payment if the payment has been sent to an employee or supplier. Oracle Payables recommends that you obtain confirmation of the stop payment before you void the payment.
Find the payment online. In the Payments window, select the payment and choose Actions.
In the Payment Actions window select void.
If you want to change the status of the related invoices to Unpaid, select None for the Invoice Action. The invoices will be available for payment on new payment documents. To void the payment document, choose OK.
If you want to apply a hold to the related invoices, select Hold for the Invoice Action and select a Hold Name in the Hold window. Choose Hold and then OK to void the payment document, reset the status of the related invoices to Unpaid, and apply the hold you selected to the related invoices.
If you want to cancel all related invoices and reset their amounts to zero, select Cancel for the Invoice Action. To void the payment document and cancel the related invoices, choose OK.
Note: If you use the Automatic Offsets feature and the Global Accounting Engine, you cannot select the Cancel Invoice Action. To cancel the invoices: 1) Submit the Create Accounting process. 2) In the Invoices window, cancel the invoices.
Choose OK to have Payables update the payment status to voided
The Reissue feature provides an easy method for correcting any printing problems that you encounter when creating a check as a Quick payment. If a check you generate is spoiled, you can void the original payment and automatically reissue payment of the same invoices.
Note: You cannot use this option for bills payable.
Select the Allow Void and Reissue check box in the Payment tab of the Payables Options page.
The payment is a formatted Quick payment.
The payment method of the invoices paid is Check.
The payment is not a bills payable.
Load and properly align your payment document in the printer.
Find the Quick payment online, and from the Payments window select the payment and choose Actions.
In the Payment Actions window select Reissue. Confirm the Payment Date and the New Check Number and optionally record a Voucher Number.
To void the selected Quick payment and create a new Quick payment document to pay the invoices, choose OK.
Note: Payables uses the system date as the Void Date and GL Date.
INVOICES PAID BY ANOTHER PAYMENT: When you void a payment, you cannot cancel a related invoice if it was partially paid by a second payment. Instead, when you choose Cancel Invoice, the system applies an "Invoice Cancel" hold to the invoice for your reference. You can release the hold manually in the Invoice Holds tab.
CANCELLING ASSOCIATED INVOICES. If you attempt to cancel an invoice that has been partially paid by another payment by using the Cancel Invoice Action, instead of cancelling the invoice, Payables applies an Invoice Cancel hold to the invoice. This hold is manually releasable.
CLEARED PAYMENTS: You cannot void a payment that the bank has already cleared.
PREPAYMENTS: You cannot void payment on a payment document that pays a prepayment that you have applied to an invoice. You must first unapply any prepayments, and then you can void the payment.