Understanding Credit and Debit Notes

You can use a credit note (credit memo) to reduce the VAT that is charged and reclaimed on goods or services sold. You can reduce the value of the goods or service only if an order is canceled or returned, or if a contractual price reduction occurs. You can use a debit note (debit memo) to increase the value of the goods or service if a price increase occurs, or if based on agreed contractual terms, the final payment is higher than the price that was quoted on the original VAT invoice. The amount of VAT credited or debited must be separately itemized on the credit or debit note. You must associate the original VAT invoice to the credit or debit note.

When you delete an invoice from P03B2002, EnterpriseOne deletes the record from the table.

Note: When printing or reprinting credit memos for Portugal, if these credit memos are directly crediting invoices, or are being applied to credit invoices, a reference to all the invoices to which the credit memo refers must be printed on the credit memo.