A Referral to Collection Agency (CL) transaction can be cancelled using the appropriate transaction action. When initiated, postings generated from the original entry will be reversed, along with the appropriate amounts. As a result, amounts transferred to the ”Billed receivable sent to collection” or ”Billed vendor refunds sent to collection” balance sheet accounts will be moved back to either ”Billed earned receivable” or ”Billed vendor refund” balance sheet accounts, respectively.
As part of the original entry however, other updates occurred as stipulated by the transaction processor. Fields on the referenced Receivable transaction such as Collection Agency Agreement Number, Transaction Collection Status, and two suppress indicators are updated as a result of processing a Referral to Collection Agency transaction. When this transaction is cancelled, the transaction processor resets these fields to spaces.