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Entering A Credit
| • | If the credit from the vendor does not need to be passed to a customer or correct commissions, simply enter an AP record with a negative amount and distribute negative amounts to the appropriate GL accounts. |
| • | If the credit you receive from the vendor is being passed to the customer, you should create a job with a negative cost and negative price to give the customer a credit. |
| • | If the credit must alter the commission report, but you are not giving the customer credit, you will need to create a job with a negative cost and a zero price. In either situation, from the Order Entry screen, go to Actions > Receive Vendor Invoice (which would be the vendor’s Credit Memo). The credit (negative) AP record will be produced by this step. |
Paying A Credit
| • | If you have open invoices from the vendor that exceed the amount of the credit, select the credit for payment with the invoices you are paying to that vendor in the AP Disbursement window. The system will show the credit on the voucher and deduct the amount of the credit from the amount of the check. |
| • | If the credit exceeds the total of open invoices, select the open invoices in the AP Disbursement window. Then, select the credit AP record. In the “Select for Payment” window, change the amount of the credit payment to match the total of the open invoices you have for this vendor. Make sure it is a negative number. When you print the checks, the amount on the check for this vendor will be zero and it will be voided. The system will automatically generate 3 new AP records to handle the remaining balance on the credit. The first will reverse the original credit, the second will be the amount of the credit applied, and the third will have the remaining balance of the credit. All AP records related to the credit will be marked paid except for the last new AP record that has the remaining credit balance. |
| • | If the total of open vendor invoices matches the amount of the credit exactly, you can manually mark the AP records “Paid” in AP Entry. Enter the date paid (in the current period), the amount paid, and the checking account on each offsetting AP record. The amount paid on the AP record for open invoices will be positive, while the amount paid on the credit will be negative. The amount paid must match the amount of the AP record. Any difference will be treated as a discount. |
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