Reversal of Free Text Invoice Error

  1. I created Free Text Invoice and posted successfully.

  2. I went into customer, transactions then reversed FTI that I just created.

  3. Although the message appears to reverse successful, I get an error message stating:

REVERSAL DENIED. THE TRANSACTION IS IN A PREVIOUS ACCOUNTING YEAR.

Have you checked the customer transaction after the reversal was complete. There must be another transaction created for that.

Pranav…

No. This is what happened. I had performed the y/e close (we are testing, not actually in production). However, I reopened the period. It posted fine, as did the reversal. The only issue is that I was getting an error (on the reversal, not even on the original). Both were posted on the same day - about 2 minutes from each other. The error message was because I didn’t know to reset the year/end close.