You can also check the Activity History related list on this page to track the email activities for this Credit Memo. For details, refer the section Send Credit Memo Email. Their goal is to fix any sales condition that necessitates a decrease in the number of offered goods or services. Credit memo is often used in a variety of businesses. Send Email - To email a Credit Memo manually, click Send Email. A credit memo meaning is that whatever the client owes to the seller will decrease after this memo is issued.Regenerate Attachment - For regenerating a Credit Memo document, use Regenerate Attachment action.You can cancel Approved, Unpaid Credit Memos in case of any ambiguities or disagreements on the Credit Amount. However, Credit Memos that result from a set of superseded Billing Schedules cannot be Cancelled. On selecting Auto Approve Credit Memos on the Invoice Run, resulting Credit Memos will be in the Approved stage. You can delete only a cancelled Credit Memo. A credit memo is a document that states the amount of money credited to a customers account for an overpayment or other adjustments, like a refund or return. From the Draft stage, a Credit Memo can be Approved or Cancelled. Approve, Cancel and Delete - Initially Credit Memo is in the Draft stage.You can perform following actions on a Credit Memo: The Total Credit Amount which is an aggregation of Credit Line Item Amount. This Id is automatically populated if Credit Memo is generated as part of the Invoice Run. The Account Location which this Credit Memo corresponds to.

The Invoice ID to which this Credit Memo corresponds to. Status to track the Credit Memo Delivery Pending or Delivered.ĭescription or notes on why Credit Memo is created. It could be any one from the following- Write off from Invoice, Refund, Billing Error or Goodwill Service Credit. (The companys Cash account needs to be debited because its asset has increased. For example, if the bank statement shows a credit memo of 20 for interest earned, the company will debit Cash for 20, and credit Interest Income for 20. The reason for generating this Credit Memo. To record the bank credit memo the company will debit Cash and credit another account. Payment Status of the Credit Memo whether Uncredited, Credited or Partially Credited. If the Credit Amount is $100 and you paid off $30, the Applied Amount will be $30.Īpproval status of the Credit Memo whether Draft, Cancelled or Approved. The amount reconciled against an invoice or other transactions. The total amount to set off against a balance from invoice or other transactions. The account to which this Credit Memo is issued.

What is a credit memo