Once the invoice is finalized, it should appear on the management page, under the invoices tab. However, there could be times that you would want to make changes to your invoice or it is necessary to reverse your invoice to make changes to your project contract. In SQUAVA, it is possible to reverse or cancel a finalized invoice, this is through rescinding an invoice. In this article, we’ll learn how to rescind an invoice.
- Rescinding an invoice
To rescind an invoice, click the navigation menu and go to the projects page. On the projects page, click the project name and select management.
Go to the invoices tab where you’ll see the list of finalized invoices. Next to the invoice number is the rescind button.
After clicking the rescind button, a warning message will appear: “This will delete the project's draft invoice, and will make the most recently finalized invoice editable (deleting any payments which have been made on it). Are you sure you want to do this?”. This warning message explains that only the most recent finalized invoice can be rescinded and the payments made on that invoice should be removed. Just click the “ok” button and the finalized invoice will be returned as a draft invoice.
- Restrictions in rescinding an invoice
As per the warning message above, only the most recent invoice could be rescinded. To rescind the other invoices, you would need to rescind each of them from top to bottom or from the most recent invoice to the oldest invoice.
You also need to delete any payments made on your rescinded invoice. Unless you delete this, you will not be able to rescind the older invoice.
For example, invoice #9040 has been finalized and paid but we want to rescind the older invoice #8931. To do so, we first rescinded invoice #9040 and now we can rescind invoice #8931. However, a warning message appears that there have been payments made on the draft invoice so we cannot rescind invoice #8931.
We need to delete the payments made on invoice #9040 so we can rescind invoice #8931. We could only do so by following the steps below in order:
a. Finalize invoice #9040 again. Unless you finalize invoice #9040, it will not show up on the accounts receivable page. We need to make it appear on the accounts receivable page so the payment can be deleted.b. Once the draft invoice #9040 has been finalized, go to the accounts receivable page and delete the payments made on invoice #9040.
Note: Make sure you take note of the details of payment (date of payment, bank name, amount) so you can re-enter it again.
c. Now that it has been finalized again and the payment has been deleted, we can rescind invoice #9040 by going to the project management page.
After that, we are now able to rescind the invoice #8931.