Transaction Classification 988: Bad Debt Reversal

998 Bad Debt Reversal – This Debit Transaction Classification should be used to reverse a previous Bad Debt Write Off.  This process will look for the most recent set of “955 Bad Debt Write-Off” credit records and will create reversing debit transactions to restore the account balance to the original value. 

When entering a Transaction on the Transaction Posting Page, after you select this classification:

• The Amount field is set to the previous Account Balance.  This field cannot be changed.
• When the transaction is posted, the system will pull tax records from:
  • TBS.BillingProductBSTaxCredits and save them in TBS.BillingProductBSTaxDebits
  • BillingRPT_TaxReportCredits  and save them in BillingRPT_TaxReportDebits
  • A System FlexQL Report (BadDebtReversalFixReport) is executed that allows you to update the customer record as desired.  For example, you could set the Customer Status and/or other fields to the original values.  Please contact Precision with assistance in setting up your company’s business rules.
• The next set of tax reports produced for various taxing agencies will include debits for these taxes.  See Tax Reporting for more information.