How to Enter Vendor Credit Memos in Connect Now

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How to Enter Vendor Credit Memos in Connect Now

Connect Now Accounting can handle credit memos that you may have received from a vendor. To handle the credit memo, please follow the steps listed below to correctly record and use the credit.

1. Under the Create Bills screen in Ledgers and Payables, create a new bill for that vendor
2. In the line item grid, enter the proper expense account for that vendor, and in the amount field enter the full amount of the credit memo (amount must be negative)

3. Enter any other pertinent information regarding the credit memo
4. The credit memo is now entered into Connect Now Accounting

In order to use the credit memo to reduce the amount of the next bill from that vendor, please follow the steps listed below.

1. When printing checks for that vendor, select the bill you created in the steps listed above. Since the bill was a negative amount, it will reduce the total amount of the check by the full amount of the credit memo.
2. If you wanted to only take a portion of the credit memo, then click the checkbox next to the Credit Bill and click on the Edit button.
3. In the Pay Amount field, enter the amount you wish to take then click on the save button. Note that the Pay Amount must be negative.
4. After printing the check, Connect Now Accounting will remember how much of the credit you have left and it will make that amount will be available for the next check run.

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Last Modified:Wednesday, May 23, 2012
Last Modified By: lloesche
Type: How To
Level: Intermediate
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