Credit Invoices

Overview

Accounts Payable is used to enter credit invoices, which are them processed for vendors to offset invoices that have been entered, posted, and paid. A credit invoice is processed instead of an adjustment when a paid invoice has an incorrect amount, an item is returned to the vendor for a refund, or the vendor issues a credit.

When a credit invoice is created, the items should have the same characteristics as the original invoice. This offsets the original entry for project-task and general ledger purposes.

Entering Credit Invoices

To enter a credit invoice, navigate to the Accounts Payable homepage and click Add an AP Invoice. On the detail screen for the new invoice, enter the appropriate information, in this case, a negative amount. Click Add AP Invoice Header  when done.

Once the invoice header is added, enter item information the same way as the original items were, except with negative values. The amounts of the original items and their corresponding credit invoice items will net to zero.

Posting Credit Invoices

Post credit invoices the same way post regular invoice items are posted. Credit invoices can be posted in a special posting session, or with accounts payable invoices.

As with any information posted in Veracross, be sure and verify all of the information. For example, when posting credit invoices, check that the number of invoices and the dollar amounts match with those in the journal entries.

To post vendor invoices, navigate to the Accounts Payable homepage and click Post AP Invoices. On the detail screen for the new invoice, enter the appropriate information. Click Add AP Invoice Header  when done.

When done, click the Results tab to check the information that has been posted.