![]() ![]() With the above transactions recorded, you would have a better visibility of credits that you issue to your customers. Invoice error – you may want to simply correct an error on an invoice that was already sent to your customer.Advance payment – your customers may have sent you advance payments and you somehow would need to record and apply them to future invoices.Write-off bad debt – you may have invoices that you know will never get paid.Returns – you might want to issue refunds to your customers for products returned.Here are some of the reasons why you would issue credit to your customers: This is done using the new feature called Credit Memos (or as some would call them Credit Notes). A refund check should be requested from the vendor for credit memos not applied to a vendor payment within a year.Payment Center now gives you the ability to issue credit to your customers. Many vendors submit credit memos to balance their accounts receivable, and the credit memo is for information only and should be retained in unit files. If the vendor has not assigned a number to the credit memo, use the original invoice number with the letters CM, otherwise the BANNER system will consider it a duplicate invoice. The credit memo will be posted to the unit’s operating ledger immediately (the offsetting entry resides on the fund balance sheet as a reduction of accounts payable liability, until new invoices from the same vendor satisfy the credit memo.) If a credit memo involves a previously discounted invoice, the credit memo should be reduced to reflect the original amount paid.Įquipment credits must have the word “credit” in the commodity description. A cross-reference to the original invoice must be noted in the text section on the BANNER invoice form. Click on the Null Credit Memo field, otherwise a check will result instead of a credit being taken. When a credit is due for a previously paid invoice, process the credit memo in the same manner as an invoice. The credit memo must be matched with the original invoice to determine whether the credit should be processed. * This information replaces FIS 406-06 Credit MemosĬredit memos are issued by the vendor to adjust a previous invoice to refund an overpayment or adjust for returned merchandise. Ex120-3: Coefficient Table for Computing FLSA Overtime Premium Pay.Ex120-2: Classified Appointment Information Matrix.Ex120-1: Unclassified Appointment Information Matrix. ![]()
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