Vendor Credit Memo

For preparing a vendor credit memo, first we go to task menu bar and click on Vendor credit memo, the new window will open.

Vendor credit window is appearing on the screen.

Now enter the vendor ID in the “Vendor ID” field then enter the date, reference no.

STEP2:

The “Terms” field will be automatically filled with the payment terms of the vendor.

STEP3:

Enter the Account Payable account number in the “A/P Account” field.Now, if there are any invoices pending on that vendor then “Apply to Invoice No.” tab will be activated.

STEP4:

Select the “Invoice no” from the drop down list on the Apply to Invoices tab.

STEP5:

 The Item field, Quantity field, Unit Price field and Description field will be written.

STEP6:

Enter the no. of items you want to return in the “Returned” field.

STEP7:

 Select the Inventory Account in the “GL Account” field.

STEP8:

The “Amount” field will be calculated by multiplying Returned field with the Unit Price field.

STEP9:

Now click on “Save” button.

                                         Credit Memo

STEP1:

Go to task menu bar and click on Credit Memo.

The new window will be appear on the screen

STEP2:

 Enter the Customer ID.

STEP3:

Enter the date.

STEP4:

Enter the Reference no.

STEP5:

 The Terms field will be automatically filled with the payment terms of the Customer whose ID is enter, these are the terms that were selected when the Customer was created.

STEP6:

Enter the Customer Purchase Order No. Now, if there are any invoices pending on that Customer then “Apply to Invoice No.” tab will be activated, otherwise user can only enter returns in the “Apply to Sales” tab.

STEP7:

Select the “Invoice no” from the drop down list on the Apply to Invoices tab.

STEP8:

The Item field, Quantity field, Unit Price field and Description field will be written.

STEP9:

Enter the no. of items that are returned in the “Returned” field.

STEP10:

The “Amount” will be calculated by multiplying Returned field with the Unit Price field.

STEP11:

Click on “Save” button to save the credit memo.