My Credit Memo is Posting Twice!

Julia Petit — Thu, 04 Jun 2009 18:08:00 GMT

"Hey! My credit memo is posting for the second time!" Ever had this thought when posting? Or what about "Wait, why does this credit memo show on my validation report twice? I only want it to post once."

If you have, you're probably starting to wonder if you actually did post the credit memo. Maybe you've even checked the credit memo record just to verify. If in fact it is posted don't worry. Along with posting a credit memo, there are credit memo applications. So it's not that the credit memo is posting again, or posting twice, it's the credit memo applications that are posting.

The credit memo applications are purely for reporting purposes. These are great to have when you want to see when a credit memo was actually applied to its invoice. If you posted the credit memo last year and applied it today, the applications will show on the validation report. These transactions simply say, "Hey, just in case you want to know for the future, this is when you actually applied this credit memo to a charge or invoice."

If you are concerned with how application transactions affect your General Ledger, no worries there either. All these applications will do is debit and credit the AP Summary Account, making the net affect a big fat zero. Take a look at What Journal Entries are created in Accounts Payable to see what debit and credit entries are created when posting.

Still not wanting to see these applications? Never fear. Check out Knowledgebase solution BB148353 to see how to set the applications to Do Not Post.

The Ledger Lowdown: Give Credit Where Credit is Due

Jennifer Maroney — Wed, 11 Jun 2008 13:04:00 GMT

If you use Accounts Payable, at some point you'll need to credit a vendor, reduce the vendor balance, or decrease the amount of an invoice. There can be over one hundred reasons for needing to credit a record, including receipt of an overpayment refund, promotional credit, or to adjust a vendor balance. Regardless of the reason, add a credit memo. Here's how.

In Records, Credit Memos, click Add a New Credit Memo. On the Credit Memo tab, select a vendor. Then enter the credit memo number, date, description, amount, and post date. Select the GL Distribution tab and define the appropriate accounts. I recommend adding a note to the Notes tab to keep track of why the credit was added; it gives a form of a paper trail. Click Save and the Credit Memo is done!

Here's a great date shortcut!

Press F3 on your keyboard when the cursor is in any date field to automatically enter today's date.

You can apply a credit memo to an invoice from the Credit Memo record or the Invoice record.

Credit memo:

You can apply the credit to the invoice while creating the credit memo or after. On the Credit Memo tab, all unpaid invoices for the vendor appear in the lower grid. Click Auto Apply to automatically apply the credit to the oldest invoice first. To distribute the credit to several invoices or select the invoice to apply, enter the amount in the Applied Credit field, enter the post date, and then click Apply.

Invoice:

Open the Invoice and select the Payment/Credits tab. The available Credit Memos are listed under Credit Memos. Click Auto Apply to automatically apply the credit to the invoice. To apply a specific credit amount, enter the amount in the Applied Amount field and then click Apply.

Enjoy your credits. Talk to you soon!

The Ledger : credit memos

My Credit Memo is Posting Twice!

The Ledger Lowdown: Give Credit Where Credit is Due