(Internal) How to reverse a credit memo

Use these steps when a churned customer invoice was closed with a credit memo and payment was received after the period was closed.

1. Select the Credit Memo -> Actions -> GL Impact to view/download the GL Impact (Accounting)
2. Create a journal entry that reverses the GL Impact of the credit memo using the view/download (Accounting): Make Journal Entries -> add the payment date and line items from the GL Impact. Memo should include: “Reversal of CMXXX for INVXXX now paid by PYMTXXX.” Save Journal when completed with all the GL impact details
3. Return to the credit memo and unapply the credit memo to the invoice (you will need edit access).
4. Apply the journal entry to the credit memo to close the credit memo
5. Go to the invoice and “Accept payment” to re-close the invoice. Ensure that the payment date matches the credit memo reversal journal entry.