Credit Memo

When an amount is entered in the Receive Owner Payments screen that is larger than the total outstanding invoices for the owner, the system will ask if you want to create a credit memo for the difference. You must first apply all that can be applied to the outstanding invoices.

A credit memo can then be applied to a new invoice in the Receive Owner Payments screen by applying the credit as a (-) negative amount to itself and then by applying the amount of the credit to the outstanding invoice.

To enter a credit memo for a vendor, go to the Enter Bills screen, and then enter a negative bill for this vendor, and save the entry. This will create a credit memo for the vendor. You can apply the credit memo to any outstanding bills in the Pay Bills screen by applying the credit as a (-) negative amount to itself, and then applying the amount of the credit to the outstanding bill.