Entering a credit memo from a vendor

A credit memo is applied against an existing invoice. If your vendor incorrectly bills you, you would have that company issue you a credit memo. Use these instructions to enter the credit memo in Vendor Invoice Center Entry so that your records match your vendor’s.

  1. Select Vendor > Entry > Invoice Center.
  2. Specify the group name, and then click Search.
  3. Click New.
  4. Specify this information:
    • Vendor #: Specify the vendor’s number.
    • Transaction Type: Select Credit Memo.
    • Process Type: Select Expense.
    • Apply to Invoice #: Specify the original invoice to which this credit memo applies.
    • Invoice #: Specify the number of the credit memo.
    • Amount: Specify the amount of the credit memo. The amount of the invoice from the Apply to Invoice # field is displayed, but you can change the value.
    • Invoice Date: Specify the date of the credit memo. The default value is the current date.
  5. Optionally, select these options:
    • Immediate Pay: Select this option to apply the credit memo immediately.
    • Dispute: Select this option to place the credit memo in disputed status.
    • Suspend: Select this option to suspend this credit memo. When you suspend a transaction, the transaction is not updated to General Ledger when the final update is processed.
  6. Click Save.
    The General Ledger Distribution view displays. The AP Control account automatically receives a debit and is not displayed.
  7. Click New to specify any offset accounts and amounts, or leave the defaults. Save any changes.
  8. Click Apply Credits.
  9. Click New.
  10. Use one of these methods to apply a credit memo:
    • Specify the sequence number of the scheduled payment to apply a credit to, and then specify the amount to apply to that sequence or scheduled payment. Refer to the Open Invoices for Vendor grid to see all scheduled payments for the original invoice. Click Save. The scheduled payment is listed in the Invoices Applied to Credit Memo grid.
    • In the Open Invoices for Vendor grid, select the scheduled payments to apply the credit to. Click Select Open Invoices(s) To Be Applied to Credit Memo. The scheduled payments are listed in the Invoices Applied to Credit Memo grid.
  11. To maintain the amount of any of the selected scheduled payments, select a payment and click Edit.
  12. Click Save .
  13. Continue to apply credits until the Proof Amount is zero.
  14. When you are finished, close the invoice detail window.
  15. Update the transactions for invoices that were entered for the group.
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