Choose the icon, enter Purchase Credit Memos, and then choose the related link.To create a purchase credit memo by copying a posted purchase invoice The purchase credit memo is removed and replaced with a new document in the list of posted purchase credit memos. If the credit memo is only for part of the product on the original invoice, you may only pay the remaining amount on the original purchase invoice to close it. If you have already paid the original invoice, the vendor should now refund the payment to you. The posted purchase invoices that you apply the credit memo to are now reversed. When you have created or edited the needed purchase credit memo lines and the single or multiple applications are specified, you can proceed to post the purchase credit memo. When you post the purchase credit memo, it will be applied to the specified posted purchase documents. In the Amount to Apply field, enter the amount that you want to apply if smaller than the original amount.Īt the bottom of the Apply Vendor Entries page, you can see the total amount to apply to reverse all involved entries, namely when the value in the Balance field is zero.Ĭhoose the OK button. The number of the purchase credit memo is inserted in the Applies-to ID field. On the Apply Vendor Entries page, select the line with the posted purchase document that you want to apply the purchase credit memo to, and then choose the Applies-to ID action. You can edit all the fields, for example with new information that reflects the return agreement.Įdit information on the lines according to the agreement, such as the number of items returned or the amount to be reimbursement. Most fields on the purchase credit memo header are filled with the information from the posted purchase invoice. On the Posted Purchase Invoices page, select the posted purchase invoice that you want to reverse, and then choose the Create Corrective Credit Memo action. To create a purchase credit memo from a posted purchase invoiceĬhoose the icon, enter Posted Purchase Invoices, and then choose the related link. This links the purchase credit memo or purchase return order to the original purchase sales entry and ensures that the item is valued at the original unit cost.įor more information, see Design Details: Inventory Costing. To assign exact cost reversing manually, you must choose the Appl.-from Item Entry field on any type of return document line, and then select the number of the original purchase entry. Requires that the Exact Cost Reversing Mandatory check box is selected on the Purchases & Payables Setup page. For more information, see To create a purchase return order based on one or more posted purchase documents.Ĭopy from Document function in the Purchase Credit Memo and Purchase Return Order pagesĬopies both the header and lines of one posted document to be reversed. Get Posted Document Lines to Reverse function on the Purchase Return Order pageĬopies lines of one or more posted documents to be reversed into the purchase return order. Two functions exist to assign exact cost reversing automatically. This is referred to as exact cost reversing. To preserve correct inventory valuation, you typically want to pick return items from inventory at the unit cost that they were purchased at, not at their current unit cost. The credit memo posting will also revert any item charges that were assigned to the posted document, so that the item's value entries are the same as before the item charge was assigned. In addition to the original posted purchase invoice, you can apply the purchase credit memo or purchase return order to other purchase documents, for example another posted purchase invoice because you are also returning items delivered with that invoice. In that case, you must edit the information on the purchase credit memo or purchase return order. Accordingly, you can partially return received items or demand partial reimbursement of received services. The change may relate to all the products on the original purchase invoice or only to some of the products. The purchase credit memo or purchase return order functions as your internal documentation of the credit memo process for accounting purposes or to control the shipping of the involved items. Typically, you create a purchase credit memo or purchase return order in reaction to a credit memo sent to you by a vendor. For more information, see Correct or Cancel Unpaid Purchase Invoices. You can also not correct or cancel purchase invoices that were posted with with receipts from more than one purchase order. These functions only work for unpaid invoices, and they do not support partial returns or cancellations. If a posted purchase invoice has not yet been paid, then you can use the Correct or Cancel functions on the posted purchase invoice to automatically reverse the involved transactions.
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