By using this website, you agree to our Terms of Use (click here)
Hello,
I have directly created a Credit Memo in "Invoices and Memos" and it has been released. Once it released the corresponding G/L impacts has been recorded based on the AR setup. The customer balance has been adjusted accordingly. But still the status of Credit Memo is "Open". My question is what is the next step I have to follow to close this credit memo, since the accounting impact and entries are fine.
Appreciate your thoughts
The Credit Memo needs to be applied to an Invoice / Debit Memo so both documents can move to closed status.
Preferred method: WHILE creating the Credit Memo - before release, go to APPLICATIONS tab add document (Invoice / Debit Memo) in the grid.
After Release, Go to the PAYMENTS AND APPLICATIONS screen. The user may need to add a Payment Ref# depending on configuration but leave the payment amount as $0. When DOC TYPE is listing in the grid, click the drop down and choose CREDIT MEMO. add a 2nd line and choose the invoice.
OR
when applying cash receipts, and the customer is short paying the Invoice, the user can select open credit memo, thereby increasing the payment amount that can be applied to invoices.
good luck