Stop Payment, Void and Reissue
This guide will walk you through the various options available after making payments in oracle fusion such as Stop payment, Cancel Payment, Reissue and Void payments.
Click on the Navigator icon to access the Payables module.
Click on the “Payments” sub module by expanding “Payables” module.
Once you land into the payments work area, select the “Create Payment” from the Task list for searching the already created payments.
Click on the Search button after you have entered the payment number.
Select the payment for which you want to stop payment request with the disbursement bank.
Select the Initiate Stop request under the ‘Actions’ menu. A stop payment request records the dates that a stop payment order was placed with, or released from, a financial institution.
Select the date on which stop request is raised with the bank and enter the reason for raising this request. After that, click on the Submit button to process the request.
The status of the payment would be changed to “Stop initiated”.
Once issue is resolved with the supplier or payment confirmation is received from the Bank then click “Cancel Stop” under the Actions button to withdraw the stop request.
After stop payment is cancelled, the payment status would be changed to “Negotiable”.
Now, we will go through the process of voiding and reissue the payments. The intention of Reissue is only for the time of issuing a quick payment. The idea of a quick payment is that you need to get a single payment done right away. If you run your format and you have a printer problem and the check is unusable, it gives you the automatic void and reissue capability so that you can recreate the check without having to re-elect/enter all the data.
Select the check payment which you want to reissue.
Select the Reissue option under the Action tab.
Enter the date on which check is reissued along with the check number of the payment reissued, and then click on the Submit button.
Confirmation message along with new check is displayed. Also, the previously issued check is automatically voided.
Enter the reissued payment number, and the click on the Search button to search the payment.
Select the payment number for which you want to generate the accounting entry. Click on “Post to Ledger” under Action tab for creating journal entries and transferring them to the general ledger.
Click on the “View Accounting” option, to see more details of the journal entry generated.
This is the payment journal entry generated for the new payment created.
If you want to void the payment, select the required payment and then click on the Void option under the Action tab.
Enter the date on which payment is to be voided manually or by selecting the date on the calendar. Along with that, select the date on which payment needs to be accounted for voiding event.
At time of voiding the payment, there are 3 actions which can be taken on invoice such as Place hold on Invoice, Cancel Invoice and None.
The below is the accounting entry generated for the void payments in which reversal entries of the payment entry is generated.
In this guide, we have gone through the process of raising the stop payment and cancelling it as well as reissue and void payments in oracle fusion. After reading this guide, you would be aware of the options that are available after making the payments to the Supplier.