How to Reverse a Rent Receipt in REST Professional

Overview

There will be instances when you need to reverse a rent receipt either in the current period or the previous period.  This may be due to dishonoured payments, or rent being receipted to the wrong tenant.  Along with the receipt reversal, management fees will be refunded and tenant paid to dates will be updated.  In all cases, the receipt reversal can only be carried out if the owner currently has sufficient funds.

This document will cover:

  • How to Reverse a Rent Receipt (Current Period)

  • How to Reverse a Rent Receipt (Previous Period)

How to Reverse a Rent Receipt (Current Period)

Your owner must have funds available in order to reverse the receipt in REST Professional.  You must also locate the receipt number first for the receipt you wish to reverse.

  1. Go to Transactions > Cancel Transactions > Receipt Reversal

  2. Enter the receipt number and press Enter

  3. A message prompt will appear “Are you sure you want to cancel this transaction?” Click Yes

  4. Enter a reason for the cancellation and OK

 

  1. Details of the receipt reversal will now appear together with the paid to date after the reversal.Click OK to continue

Example of Receipt Reversal on Tenant Ledger

Example of Receipt Reversal on Owner Ledger

Example of Receipt Reversal in Cashbook Audit Report

The Audit Report shows the reversal of the management fee collected on the rent receipt

How to Reverse a Rent Receipt (Previous Period)

Your owner must have funds available in order to reverse the receipt in REST Professional.  Only a straight rent receipt can be reversed from the previous period.  If the receipt includes an invoice or other payment please refer to ‘How to Reverse a Receipt from Previous Period’.  You must locate the receipt number first for the receipt you wish to reverse.

  1. Go to Transactions > Cancel Transactions > Reverse Rent from Previous Period

  2. Enter the receipt number and press Enter

  3. Click OK to the message about checking if receipt has already been cancelled

 

  1. Details of the receipt will now appear together with paid to date and credits after reversal.If paid to dates are correct, click OK to prompt to check paid to dates and credit

 

  1. REST will now ask for a reason for cancellation, enter a reason and click on OK

Example of Receipt Reversal on Tenant Ledger

Example of Receipt Reversal on Owner Ledger

Example of Receipt Reversal in Cashbook Audit Report