A Reversal is basically a Credit Note. If you have invoiced your client for an incorrect amount (too high), you will need to create a Reversal.
There are two types of Reversal:
- Full Reversals
- Partial Reversals
Full reversals (1) are used when you want to issue a full credit note for an invoice. This will create a negative copy of the original invoice for the entire amount, and a new positive copy that you can adjust. This is useful when you need to adjust pricing for specific items.
Partial reversals (2) allow you to manually enter a financial amount to credit. This will create a single negative Interim line for the amount specified which you can use to reimburse your client.
Creating a Reversal
To create a Full Reversal (1) for an Invoice: Click on the ‘Client Billing’ tab and click the transaction ID of the invoice you would like to credit. This will populate the panel on the right hand side with the costing that are allocated to the selected transaction.
At the bottom of the panel on the right, below the Costing Lines there is a ‘Create Reversal’ button. Click the button and the new billing approval will be created along with the negative value transaction.
To create a Partial Reversal (2): Click on the ‘Client Billing’ tab in your project and click the ‘Create Interim Credit Row’ link in the top left. You will be prompted to enter an amount.
Once you have done this a new billing line for the requested amount will be available for you to allocate to a new Billing Approval. When you have entered all the required text, you will be able to set the Billing Approval to a Reversal.