Payables Credit Memo
Foundry Bean Global work system uses Payables credit memo to reduce the Payables balance. Payable credit memo is entered in the system when business gets credit memo from the vendor. Vendor may send a credit memo for various reasons :
1> Due to return of goods and services
2> Adjustment of invoices
Foundry Bean Receivable Credit Memo amount is always less than zero (negative amount).
Transaction class for Receivable Credit Memo is Credit Memo.
Creating Credit Memo
Click “New Invoice” to create a new Credit Memo.
Primary Information
Choose the transaction class “Credit Memo”. Transaction class determine the type of transaction entered in the system. Transaction type is filtered based on transaction class.
Choose the vendor of the Credit Memo . Entering vendor automatically populates billing address, payment terms, payment due date etc. Payment term can be changed to “Immediate” for the credit memo to be effective immediately.
Transaction date and accounting date are automatically populated as today’s date but can be changed manually.
Save the credit memo.
Click the pencil icon to add/update a credit memo line.
Enter item, line description ,credit memo anount.
Save the transaction
Click “Create Accounting” to create accounting distribution for the credit memo.
It will create line allocation and accounting distribution for the transaction lines.
