Credit Memos

Article Contents: This article how to create a credit memo in Synergy Accounting, match it to the original invoice, apply it correctly, and post or save the memo

Step-By-Step

A Credit Memo is used for multiple purposes. The most common use is returned merchandise. A Credit Memo may reverse a Voucher or a Debit Memo that will not be paid, or it may reverse an invoice that has activity against it. When entering invoice information to create a Credit Memo, the information must match the original invoice, especially the Distribution Account Number(s).

Step 1: There are two types of Credit Memos, one applies against an invoice or Debit Memo, the other is an "Open Credit Memo". An "Open Credit Memo" does not have an open invoice to apply the Credit Memo against.

Step 2: To enter a Credit Memo, follow these simple procedures:

1) Select Credit for Voucher Type.

2) Enter the Vendor

3) Enter the Invoice Date, Invoice Number and Invoice Amount. The invoice number must be different than the original invoice number if you are reversing an invoice. A good rule of thumb is to use the original invoice number, but place a “C” in front of or behind the invoice number.

4) If you are reversing an invoice, you will use the Apply to Invoice No lookup feature.

Step 3: This search will display all invoices for this vendor that can be reversed. Select the invoice from this list:

If you are entering an Open Credit Memo, you will leave the Apply To field blank.

5) Enter the distributions. Make sure that your distributions match the original invoice. If you do not know the original invoice amount or distributions, you will need to look this information up in Vendor Inquiry or in Posted Invoices.

6) You will then Post the credit memo or save and close.

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