How to cancel orders in past closed accounting periods?

Our experience with other GAAP accounting systems is that there are generally two ways to handle the reversal when an order is cancelled OR changed from a prior period (usually the prior month after sales have been exported to Quickbooks and posted to another GL system offline).

Most systems look at the invoice document for their sales reporting. So, reversal of invoice, whether in current or subsequent month, will update the sales and tax reports in the months when the reversal occurred. The other option is to process a credit memo, which should have the same net effect.

To process a credit/debit memo, click here.

For Quickflora, since everything is automated from the order and sales reports are tied up to orders, The approach should be debit/credit memo.

If you don't care about sales numbers from the prior month, then cancel the order, and that will reverse the credit card charge/house account in the current period.

To cancel an order, click here.