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What is a Credit Memo and how do I use it? http://www.backroadsdata.com/iFAforums/viewtopic.php?f=24&t=231 |
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Author: | admin [ Tue Apr 03, 2012 11:36 pm ] | ||
Post subject: | What is a Credit Memo and how do I use it? | ||
A credit memo is very similar to payment received from a client, because it reduces the client's account balance. For example, if a client has a balance of 100, and you enter a credit memo for 15, the client's new balance will be 85. The difference between a traditional payment received and a credit memo is that with a credit memo, the client did not actually pay you. A credit memo simply allows you reduce the client's account balance for a reason other than receiving an actual payment. Common reasons for using credit memos include:
Important notes:
To create a credit memo, simply go to Payments and select Add New Payment. Enter the payment information as usual, but select Credit Memo as the Payment Type. We recommend that you also include a note about the reason for the credit memo in the Details field. (see screen shot below)
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