Creating On-Account Credits
On-account credits are credits you assign to your customer's account that are not related to a specific invoice. For example, if your customer remits payment of $100 for a $90 invoice, you can create an on-account credit for ten dollars. You can then apply this on-account credit to another transaction.
You can specify the debit item to credit in the Transactions window or create an on-account credit by not specifying one. You can apply and reapply on-account credits to invoices, debit items, and chargebacks.
You can also place amounts on-account when manually applying receipts in the Applications window. See: Manually Applying Receipts.
Prerequisites
To create an on-account credit:
1. Navigate to the Transactions window.
2. If you are not using Automatic Sequence Numbering, enter a unique Number for this credit. Otherwise, Receivables assigns a number when you save. See: Implementing Document Sequences.
3. Enter the Date and Currency for this credit. The default Date is the current date, but you can change it. The default currency is either the currency entered at the batch level or the functional currency, but you can change it to any currency defined in the system. If the currency for this credit is different from your functional currency, and you have not defined daily conversion rates, enter exchange rate information. See: Foreign Currency Transactions.
4. Enter the batch Source for this credit. Receivables uses the batch source to control the credit memo numbering sequence and to specify the default transaction type. If this credit memo is part of a batch, the default is the batch source.
5. Choose a transaction Class of Credit Memo.
6. Enter a transaction Type. You can choose any transaction type with a class of Credit Memo.
7. If the Post to GL option for this transaction type is Yes, enter the GL Date for this credit. The batch source provides the default GL date, but you can change it. The GL Date must be in an open or future period.
8. Enter the Bill-To Name and Location of the customer account to credit.
9. If your transaction batch source does not use Automatic Invoice Numbering, open the More alternative region, then enter a unique Document Number. Otherwise, Receivables assigns a number when you save.
10. Choose Line Items, then enter 'On Account Credit' in the Description field.
11. Enter the Amount of this on-account credit.
See Also
Applying On-Account Credits
Updating Credit Memos and On-Account Credits
Enter transactions