Miscellaneous credits

You can manually apply miscellaneous credits to invoices in Vendor Invoice Center Entry, or automatically with the Vendor Entry Pay Invoices Due Report.

If you manually apply a miscellaneous credit, you can specify against which invoice it applies.

The Vendor Entry Pay Invoices Due Report applies miscellaneous credit to the oldest invoice first, then sequentially to the more current invoices. If the full amount of a miscellaneous credit was not applied to an invoice, a new miscellaneous credit is automatically created for the remainder.

Applying miscellaneous credits to invoices has these direct affects on the Vendor and General Ledger files.

Vendor updates

  • For each scheduled payment in Vendor Invoice Center Entry, the transaction is inactivated. If the scheduled payment was partially paid, a new scheduled payment transaction is created in Vendor Invoice Center Entry for the remainder. The next available sequence number is used for transaction is used.
  • The invoice transaction is updated for the credit amount applied against the scheduled payment. If the invoice is fully paid and all scheduled payments that are attached to the invoice are made inactive, the invoice is inactivated. Any purchase order number that is associated with the invoice is used to find the original purchase order. If it exists, the paid date is updated with the posting date.
  • As each miscellaneous credit is applied to the current invoices, it is inactivated. If part of a miscellaneous credit is not applied because it was more than the total current invoices due, a new miscellaneous credit transaction is created for the remaining amount.
  • Any new scheduled payments or miscellaneous credits that are created as previously described are given a post date equal to the current date. The post date is used as the cutoff date on the Vendor Trial Balance Report.

General Ledger update

If you use full divisionalized accounting, a journal opens when you access Vendor Apply Misc Credit Entry so you can apply miscellaneous credits from one division to other divisions.