If you get an error message when trying to reverse a payout in Loft it's likely that the transaction has had a payment applied to it in Xero. If you have paid the bill you will not be able to reverse the transaction until you void the payment and all transactions resulting from the Payout in Xero.
Depending on the type of fees you have you will not only have the bill to the agent to reverse or unreconcile but also the income transfers, and any additional payables or invoices created as a result of the agents payout.
You can find the payment two ways:
- If you wrote a check you can void it through ACCOUNTS/CHECKS or
- If you paid it digitally you can find the bill you are looking to reverse the payment
If you mistakenly reconciled the payment you must first un reconcile it prior to voiding or removing the payment. You can un reconcile items through the bank transactions tab.
If you wrote a check:
1.Go to ACCOUNTS
3.Look up the check number or payment
4.Click on "PAY TO"
5.If status is set to "UNCLEARED" Click on void
If payment on the bill was processed digitally:
1. Find the bill you want to reverse through ACCOUNTS / PURCHASES and select PAID bills.
2. Open the bill to view the payment and click on the payment
3. From the payment view select Options and Remove & Redo. Xero will refresh the original bill view and it will no longer have a payment applied to it.
** Please note if the payments are contained within a Batch payment then the Batch will have to be removed/undone and replicated again later once you have paid out correctly **
4. It is also vital that any credit notes associated with the Agent Payout are also reversed in Xero.
To reverse a Credit Note on your Xero Dashboard go into 'Invoices' and then select the 'Paid' Tab. In the Paid tab you will see all credit Notes that have been applied and you will select any associated to your Agents Payout.
Select the red 'X' Icon at the bottom right hand side of the Credit Note to reverse
You can now reverse the related activity in Loft and post the corrected entry.