Reopen a Financed Transaction
Access
No action can be performed on a closed Finance Receivable batch transaction. (A closed batch has a zero amount due from the Finance Company.) Use the Closed Item Reinstate program to move transactions to an open batch, where changes and adjustments may be made. For example, a transaction may have been posted to the wrong account (closed in error), or other adjustments need to be made.
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Only closed batches can be accessed from the Closed Item Reinstate program. For processes that can be completed on open batches, see Maintain Financed Balances.
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The number of days to retain closed items in Finance Receivable history is determined by the Number of Days History field in the Financing Control Settings.
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The Closed Item Reinstate program reopens a closed transaction by reversing the payment activity.
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The transaction is moved to an open batch of the original batch date and Payment Type. If an open batch does not exist, a new open batch is created.
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If FR transmission is active, the transmitted flag is set on the re-created batch to prevent it from being re-transmitted. (Transactions are transmitted after the adjustments are made.)
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Also available from this program is the ability to Resubmit, Rewrite, or Reject closed transactions.
If the Action to be taken on the transaction is Re-Submit, Re-Write, or Reject (see below), it is not necessary to first reinstate the transaction. These processes automatically reinstate the transaction before performing the chosen action.
Filter SelectionThis field is used to indicate whether or not a filter will be used, and if so, what type of filter will be used in the selection of batches. Select 0/No if no filter is to be used in the selection of batches. Select 1/Customer Code to filter the selection of batches by a specific customer code. Select 2/Name to filter the selection of batches by customer name. Select 3/Reference to filter the selection of batches by reference number. Select 4/Account Number to filter the selection of batches by finance account number.
FilterIf a filter was selected in the Filter Selection field, enter the filter to be used to limit the selection of batches. Enter either a customer code, customer name, reference number, or finance account number, depending on the type of filter selected.
Payment TypeEnter the Payment Type code used in the closed batch(es) that you wish to reinstate, resubmit, rewrite, or reject. When this field has been entered, the Batch Selection screen will display a list of closed batches for this Payment Type. for detail on the Batch Selection screen.
DescriptionFollowing entry of the Payment Type code, the description of the selected Payment Type will display.
Reference NumberEnter (or select from the list) the reference number of the transaction that is to be reinstated, resubmitted, rewritten, or rejected.
Action
Pay TypeThis field will be available for entry if Re-Write was chosen in the Action field. Enter a new 3rd Party Payment Type code to which this transaction is to be re-assigned.
Account NumberThis field will be available for entry if Re-Write was chosen in the Action field and a new Pay Type has been entered. The finance account number originally assigned to the transaction will display. A different finance account number may be entered here.
AuthorizationThis field will be available for entry if Re-Write was chosen in the Action field and a new Pay Type has been entered. The authorization number obtained from the finance company when this transaction was originally approved will display. A different authorization number may be entered here.
Customer CodeThe customer code for which the selected transaction was posted will be displayed.
NameThe customer name for which the selected transaction was posted will be displayed.
AmountThe dollar amount of the selected transaction will display.
ClosedThe date the selected transaction was closed will display.