Dear Populi Support,
I'm making this request as suggested by Issac Grauke.
Currently, Populi allows transactions to be voided, which results in the original transaction being ignored. The void is posted to the same date as the original entry. This functionality is fine if the original transaction has not yet been entered into an accounting software.
Voided transactions have caused discrepancies when reconciling accounts. For example, a batch of financial aid payments was awarded to a certain number of students on May 9th. On May 24th, these aid payments were voided. Eventually, on June 1st, the same lump sum is distributed to more students.
An issue arises if the original May 9th financial aid payments are recorded to the accounting system and then recorded a second time on June 1st. Unknowingly, you have made a duplicate entry, unaware the original May 9th transactions were voided. This causes the Student's Accounts Receivable to be out of balance with Populi and double dips into designated funds incorrectly.
My request would be to reverse the original entry, rather than voiding. Using the same example, if the user had to reverse the financial aid batch on May 24th, the General Ledger would pick up that reversal, thus negating the original May 9th awards.
I realize voiding entries has it's place, if the error is realized on the same day, especially if the organization is uploading the General Ledger (GL) on a daily basis. Voiding transactions days after the original posted date, causes discrepancies, thereby creating more work for the accounting department to reconcile.
Ideally, the option to reverse transactions is the best practice. The reversal date should be the same date of entry and should make reference to the original transaction or document number. However, it would be convenient to be able to pick a reversal date, but this needs to be done with the knowledge of what has been uploaded to the accounting GL, as well as knowing if the month-end has been closed or not. This feature should be available for all financial type transactions.
Thank you for considering this feature upgrade.