What is meant by Cancellation?
Cancellation refers to the process of nullifying or reversing a previously recorded transaction or order in a system. A cancellation may be necessary to correct errors, make changes, or undo transactions that are no longer needed or are incorrect for various reasons.
Typical functions of software in the area of "cancellation" include:
- Invoice Cancellation: Reversing an already issued invoice.
- Order Cancellation: Nullifying a customer order or purchase order.
- Payment Cancellation: Reversing an already completed payment transaction.
- Booking Cancellation: Reversing entries in financial accounting.
- Reservation Cancellation: Nullifying reservations, such as in hotels or for transportation.
- Credit Note Issuance: Creating credit notes to correct invoices or payments.
- Automated Cancellation Processes: Setting up automated workflows for efficient handling and documentation of cancellations.
