Use this function to record a credit received from a vendor. The amount entered here will be applied against the total due on the next check to that vendor. The owner ledger getting the credit will receive it when the invoice is paid, that is, the credits are applied when the Invoice checks are posted.
When you compile invoice checks under AP, Scheduled Payables a field at the top will display with the available credit memos.
Up to 6 credit memos can be applied to a check.
If credits exceed unpaid invoices, the check will be for $0.
To void a credit memo, use the AP, Invoice History function. Go to the Unpaid Credit Memos tab and void the credit. If it has been partially used, you can edit it down to amount used.
Date
Use this date field to enter the posting date of the credit.
Reference
Enter an alphanumeric reference number if applicable.
Vendor
Select the vendor issuing the credit memo from the Combination box.
Ledger
Use this field to select the ledger (owner, unit, etc.) receiving the credit. The credit will apply to the owner ledger when the invoice is paid.
Account
Select the account code (usually an expense) from the Find List. The account defaults to Credit Memo but you can change it to whatever you want. For example, if it was a reimbursement or credit for plumbing work done, then choose plumbing as the account. The owner’s net for that account for the year will then reflect the net amount spent on plumbing
Amount
Enter the dollar amount of the credit memo.
Memo
Enter a memo if you choose. The memo can print on the owner statement.
Comment
A freeform field for comments explaining the reason for the credit.
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