There are two ways that a credit memo can be received by the Integral Accounting Enterprise software. Either automatically generated when a customer pays more then the amount shown on an invoice or manually entered. If the credit memo was generated automatically as a result of an overpayment on an invoice, then it is already in the system and will appear on the Credit Memo screen when you click "Enter and View Credit Memos".
To enter a credit memo manually, select "Enter and View Credit Memos" from the Accounts Receivable Menu. You will see a list of all open credit memos for your company or division.. Click "new" to create a new credit memo.
Once you click the New button, a blank screen will appear with some of the fields already filled in.
The Credit Memo Number field will automatically be completed with the next available credit memo number in the system once the credit memo has been posted. There is no need to edit or change this field.
The Credit Memo Date is automatically filled in with the current date. If need be, you can change the date of the credit memo by entering a new date. The date must be entered as mm/dd/yyyy.
The Order Number is a reference number that relates to the order that the credit memo was issued for.
The Transaction Type field is automatically completed for you as Credit Memo and is an uneditable field.
The Cancel Date Field is the date the credit memo must be used by or it will expire. The date must be entered in mm/dd/yyyy format.
Select the Customer ID from the drop down list at the end of this field. If you do not know the Customer ID, you can search for the customer based on customer name, phone number or other criteria.
Select the Ship To ID if the address where the credit memo will be sent to is different then the billing address.
You will notice that the customer information is automatically completed for you once you selected the Customer ID from the Customer ID field above. There are a few fields here that need to be filled in manually.
The Due Date is is automatically filled in with the current date. You can change this date if necessary. The date must be entered as mm/dd/yyyy.
The Exempt ID is automatically filled in when the customer is selected if the customer has a tax exempt ID.
The XID Rate is the Currency Exchange ID and Currency Exchange Rate. It is the method of currency and the current exchange rate that your company uses. It will be automatically filled in based on the information entered during the Company Setup Process. There is no need to change or edit this field.
If there is a purchase order number associated with this credit memo, enter that number in the Purchase Order Number field. Otherwise, leave the field with the default value or enter None.
If known, enter the Salesman for the order relating to the credit memo. Select the Salesman ID from the drop down list. If there is no Salesman ID, you can leave this field set to the default value.
The Ship Date will automatically be filled in with the current date. If the actual ship date is different then the current date, you can enter the new date. The date must be entered as mm/dd/yyyy.
The Ship Via field can be left at its default value. It is not used for credit memos.
The terms field can be left at its default value. It is not used for credit memos.
The fields in the yellow box on the screen are automatically completed by the system as the credit memo goes through the posting process. There is no need to edit or change these fields.
The subtotal field will be filled in once the individual line items are entered into the credit memo. Leave the field at the default value.
The shipping and handling and tax fields can be left at their default values, they are not used for credit memos.
The total field will be automatically filled in once the line items are entered on the Credit Memo Detail screen.
The next step after entering all the information on this screen is to enter the details for the Credit Memo.
NOTE: You MUST enter the individual line details for the credit memo before proceeding to the next step. Review the section on "Entering Credit Memo Details" for more information on entering credit memo line items.
Once all the information is entered for the credit memo and the credit memo is final, click the Post Button. You MUST post the credit memo for it to properly enter the system. This will enable the system to post the credit memo to the proper accounts, and prepare the credit memo for printing. At this point, no changes can be made to the credit memo since the transaction affects GL accounts.
Once entered, the credit memo remains open until the customer redeems the credit memo or the company issues a cash payment to the customer in return for the credit memo.