How to maintain vendor credit memo

How to maintain vendor credit memo

Vendor credit memo is used to record the returns to the vendors whether on the direct purchases or on the existing invoices which have not been paid. The producer of vendor credit memo is given below.

Go to task bar menu and click on the vendor credit memo.

After this window we click the vendor credit memo option then following window will appear.

First thing is to enter the “vendor ID” in customer ID field. It is the ID of vendor from the purchases has been made. When you select the vendor the “Remit to” field will show the detail of the vendor.

Enter the date of returning goods in “Date” field.

Enter the reference number in “Credit no” field.

The “Term” field will be filled automatically when you select the vendor. These terms are payments terms and created when vendor account are created in maintain menu.

Enter the account payable ID or selected it from the list of chart of account in the “A/P account”. This is the account to which the amount due of the purchases will be charged.

When you will enter the vendor’s ID, if there is any invoices pending issued to that vendor than the below given tab “Apply to invoices no” will also be enabled. Otherwise only the tab “Apply to purchases” remain enabled.

Select the invoice number from drop down list on the apply to invoice no tab to which you want to charge the returns.

The “Item field, Quantity field, Unit price field and description field” will be automatically filled.

Enter the number of items you want to return in the “Returned” field.

Enter the “GL Account” which you want to use for this return.

“Account field” will be automatically field.

Click the “Save” button to save the transaction.