Accounts Payable - Entering Debit/Credit Memos

Overview

Sample of Process on Enter Debit/Credit Memos screen; standard Treeview path: Accounts Payable > Voucher > Enter Debit/Credit Memos

This section covers the screens in the process train, shown above, used to enter debit and credit memos, verify them, and post them.

Credit notes are normally entered when a supplier sends a negative invoice (usually on a special “credit note” form). Since the supplier has made an error that materially affects your purchase, a credit note is issued to formally correct the mistake. Credit notes differ from adjustments because they are formal documents affecting the General Ledger, and are recorded by both the user and the vendor.

Memo Entry Procedure

Entering a memo/credit note follows the same steps as entering the original invoice. The difference is that the screen being used is the Enter Debit/Credit Memos screen, and instead of having to re-enter all of the invoice information, the user only has to enter the dollar amount of the memo and match it to the original invoice. The following are the required steps:

Select/create a memos batch.
Enter credit/debit memo details.
Print edit list.
Post batch.
File audit trail.