Wednesday, November 27, 2013

Receipt Write off

Our financial users were testing “AR: Journal Entries Report’ and they notice one special category “Unapplied Cross Currency (AR) R”. My Friend Gino found a metalink note that suggested a patch to fix this issue. This issue occurs when a receipt is written off. So in order to simulate this issue in our development environment, I created a receipt and tried to write it off, I could not write off a receipt, I needed Approval Limit for my user id. I set approval limit for my user id using Responsibility “Receivables Manager” and navigation “Setup -> Transactions -> Approval Limits”.

I assigned myself generous Receipt Write off limit but it still did not work because System option for maximum write off was much lower. I used “Setup -> System -> system Options” to check maximum Receipt Write off limit

This made me think, writing off receipt makes no sense. if i overpay somebody, i should get back extra payment (ocne i overpaid Kohls 18 cents, i paid 52.97 instead of 52.79 and Sheila Bair paid 2 dollar less That always happens with credit card companies. But a business can receive over payment from time to time and over paid money can not be returned for some reason or the other. For example, payer moved and there is no forwarding address. So if overpaid amount is small then it is better to write off and close the transaction.

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