Adding Credit Memo
The following steps will explain in detail how to add a new Credit Memo.
You may already be in the Invoice tab of the Credit Memo form and all of the data are properly filled in, If so, go to step number "2." If you are in the Credit Memo form and do not have the data that you would like to be present on this form, begin with step number "1." below. If you are at the Main Menu, click on the Sales topic, then click on New Credit Memo. You will now be brought to the Find the Customer for this Credit Memo search form to enter your credit memo. Click on Create New Credit Memo for help on how to use the New Credit Memo form. Once you complete the form, you may return to this Adding Credit Memo Help to continue below at step number "2."
1.Click the New button to clear the form so you may enter a new record. You will now be brought to the New Credit Memo search form that will be labeled, "Find the Customer for this Credit Memo". You may now select a Customer for the Credit Memo. Then you may return to this Adding Credit Memo help to continue below. Review and adjust the fields as necessary, pressing the TAB or ENTER key to move your cursor to the each field.
2.Next, click on the Items tab of the Credit Memo form. Complete the filling in of the Item No, Ordered, and Returned fields and reviewing the other fields to ensure they are appropriate for the particular credit memo. Note that the form automatically draws in the information you have entered previously. As an example of when you may want to override a field that automatically draws upon information you have entered in other forms.
3.Next, click on the Detail and Commission tabs, review/add/edit data as appropriate. You may click on the following links if you would like additional information on either tab: Detail or Commission.
4.Click back to the Invoice tab. Here are some of the options you now have:
You may click on the Post button which will: post the credit memo to the general ledger, increase inventory, and create a receivable with negative amount.
You may click on the Close button and post the credit memo later, possibly because you batch post at the end of the day.
You may print the credit memo .
Description of Invoice tab in the Credit Memo form
1.The CM Number field is used as a reference for you and VisionCore to help find this transaction later if necessary. This can be filled in with unique numbers in 2 ways.
•If the assigned Customer Type for the customer has no Invoice Prefix and Number entered on the Customer Type List form and Enable checkbox is unchecked, the starting number assigned from the Company Preference form > Starting Numbers will be used.
• If the assigned Customer Type for the customer has Invoice Prefix and number entered on the Customer Type List form and Enable checkbox is checked, this will be the Credit Memo number used every time you creates a credit memo transaction.
Note that CM Number can manually changed as long as it does not duplicate a previous Invoice/CM Number
2.The Customer ID field is used to show the Customer's Number.
3.The Date field will automatically be filled in with today's date. This can be changed to the date the customer returned the order, or a different date if you would like. Click the dropdown button next to this field to open the miniature calendar form where you can graphically enter the date.
Important: Whatever date is entered into the Date field will be the date the Credit Memo gets posted to the General Ledger when you Post the Credit Memo.
4.The Transaction Type field is used to determine what type of transaction you are intending on processing. Since this is a Credit Memo transaction, this field will display 'Credit Memo'.
5.The Currency field is used to assign a default currency for each
Credit Memo. Normally, this will automatically fill in with your default Currency ID setup for the selected customer in the Customer form. You can override the Currency after it fills in if you need to. If the currency you want to use is not in the list you will have to add it to the Currency Exchange Rate form. You will notice that if you use a different currency other than the default currency set in the Company Preferences form, the Total fields will display a different background color as to what is setup in User Preferences form > System tab.
6.The PO Number field is where you can enter the Customer's Purchase Order number your customer provided to you for this invoice.
7.The Bill To area will display all the details of the selected customer. You can click the Ellipse button next to this section to open the Customer Bill To Information form where you can change this information independent of the customer.
8.The Ship To area will display the default customer ship to information that is entered in the customer form. You can click the Ellipse button next to this section to open the Customer Ship To Information form where you can change this location.
9.The Terms field will fill in with the default terms setup for the selected customer. This field is used to enter the payment terms for the Invoice, which details how that customer must pay for the merchandise. If the Terms you want to use is not in the list you will have to add it to the Terms form. Terms are directly connected to the receivables and will determine what discounts or interest that customer may receive.
10.The Due Date field will be filled in based on what you have selected in the Terms field. For example, if you select "net 30" as the terms and the invoice is dated 4/12/2006 then 5/12/2006 will be automatically entered into the Due Date field.
11.The Ship Date will be the date you enter to ship the items. You may click on the dropdown button located a the end of the ship date field to choose the shipment date.
12.The Ship Via field will fill in with the default ship via setup for the selected customer. This field is used to assign a shipping method for the Invoice. If the shipping method you want to use is not in the list you will have to add it to the Ship Via form.
13.The Sales Rep field will fill in with the default salesperson entered for the selected customer. You can select from all the entered sales reps entered in the Sales Rep form.
14.The FOB (Free On Board) field is used to enter/review the site from which you usually ship your invoiced products. In traditional accounting terms, FOB is an acronym for "free on board" and refers to the terms between the buyer and seller regarding the transportation costs and the moment at which the buyer assumes ownership of an item.
15.At the bottom left of the form, the Stock Information section will display how many of the selected item is currently in stock, committed, allocated, available, back order, on order.
16.The Subtotal field will display the total before sales tax of all the line items entered in the Line Item Detail.
17.The Freight field can be used to enter shipping costs for the transaction. The combo box field to the right of this field is the Tax field where you can enter one from the different methods of charging sales tax for the Freight field.
18.The Tax field will display the sum of the calculated tax for the Tax fields you completed in the Items tab of the Invoice form.
19.The Total field will display the total of the transaction which the customer owes you. This field adds the Subtotal, Freight, and Tax fields together to come up with the total amount. This is the amount that will be entered to the Accounts Receivable account in the General Ledger when you post this transaction. You will also see this amount in the Receivables form for this customer.
20.The Amount Due field will display the balance due of the transaction. This field subtracts any partial payments made against the invoice, enabling you to quickly know the amount still due. When the amount due = 0 it will read Paid in Full.
21.The Payment field will display the amount of money the Customer has paid against this invoice to date.
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