Reverse the authorized accounting entries that were passed when you liquidated an outstanding receivable component of a bill. Reverse the accounting entries passed for the liquidation of an outstanding component of a bill through the Receivable Liquidation screen. Specify the Contract Reference Number of the bill. All the outstanding components of the bill that were paid from a receivable account will be displayed.

Query the component whose liquidation entries you want to reverse. Choose Reverse form the Processing sub-menu of the Application toolbar. The system will prompt you to indicate whether you want to reverse the liquidation entries passed for the outstanding component or make the component outstanding again.

If you indicate that the entries should be reversed, the accounting entries that were passed earlier will be reversed. However, you will not be able to pass further entries for the payment of that component at a future date. If you indicate that the component should be made outstanding, the accounting entries that were passed earlier is reversed, and the component will become outstanding again.

The reversal of the liquidation of a component may sometimes entail a change in the status of the bill. If the contract is set for automatic status change, this change will be made by the system automatically.

For further details on generic attributes that define for liquidation of a BC contract, please refer to the ‘Liquidation’ User Manual under Modularity.