The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct?
A. Voiding the payment automatically places an invoice on hold.
B. Any previous accounting and payment records for an invoice are reversed.
C. Any realized gain or loss previously calculated is reversed.
D. All related withholding tax invoices are automatically voided.
E. All related interest invoices are reversed if previously created.
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CDE should be correct
Those saying option B is correct, read it again ‘Any previous accounting and payment records for an invoice are reversed.’
Why will a PREVIOUS accounting & Payment for an invoice will get reversed?? when a payment is done already it is done, it cannot get reversed by voiding the next payment which the payable manager voided. Payable manager is voiding the 2’nd payment (in respect to the option B) which has nothing to do with the 1’st (previous) payment.
B,C,E
In a case of Withholding tax invoice, a reverse invoice will automatically be created.
The accounting and payment records for the invoices that were paid are automatically reversed.
Realized gains or losses on foreign currency invoices are reversed.
If the Create interest invoices option on the Manage Invoice Options page is enabled, all related interest invoices are reversed.
If the invoice is associated with a withholding tax invoice and tax is withheld at payment, a reversing invoice is automatically created. This reversing invoice for the tax authority offsets the withholding tax invoice.
BCE
From my opinion Correct answer is BCE, not BDE. Same payment ID cannot be used for Invoice and Withholding tax invoice payment.
True, it should be BCE