Credit Memos

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Accounts Payable is used to enter credit memos, which are then processed for vendors to offset invoices that have been entered, posted, and paid. A credit memo 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 memo (treated like 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 Memos

To enter a credit memo, 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 memo items will net to zero.

Posting Credit Memos

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

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

To post vendor invoices or credit memos, 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.