A sales credit note (credit memo) is a document used to rectify errors made on a sales invoice which has been processed and sent to a customer. Credit notes can also be issued to a buyer who wishes to return previously purchased merchandise. Typical reasons credit notes are issued can include:
- Returned Goods
- Damaged Goods
- Incorrect Shipment
- Overcharge
- Retrospective Discount
You can create a sales credit note by converting direct from a sales invoice. A separate sales credit note is created for each original sales invoice. The following note apply:
- All exchange rates for a sales credit note are calculated using the invoice date. This ensures that where the credit note is converted from a sales invoice, there will be no exchange rate differences between the two documents.
- Tax codes, tax rates and tax values are inherited from the sales invoice.
- A sales credit note cannot have a recurring invoice schedule
Used to create sales invoice that you enter only once but that causes several similar sales invoices to be generated automatically., payment schedule Used to create a single invoice that has multiple values that are due for payment on different dates. or income schedule Used to spread the income (revenue) from a sales invoice across a range of accounting periods.. See Crediting a Sales Invoice with a Schedule for related information.
The Sales Credit Notes tab displays a home page that lets you quickly create and locate sales credit notes. You can also sort and filter your credit notes using standard and custom list views Give you instant access to specific sets of data. In addition to using existing views, you can create custom list views for the items most relevant to you.. In addition, this tab lets you view and edit detailed information on each credit note.
| Status | Description |
|---|---|
| In Progress | The document has been saved but has not been posted. A document that is in progress can have associated document line items. You can edit or discard a document that is in progress. |
| Ready to Post | The document has been saved and is ready to post. The reasons why the app might set a document to this status vary by document type, but it might be because it has more than 250 lines, or perhaps more than one document was selected for posting on a list view. Documents in this state are posted in the background by a scheduled job. You cannot edit, discard, manually post, or print a document when it is in this status. You can print preview and edit custom fields only. |
| Complete | The document has been posted. A complete document must have associated document line items. Once a document is complete, you cannot repost or discard it. You can only edit a limited set of fields on a complete document. |
| Discarding | The document is in the process of being discarded. |
| Discarded | The document is no longer required. A discarded document retains its document number and header details, but its line items are deleted. The user must provide a discard reason. This is stored with the record for auditing purposes. Once a document has been discarded, you cannot edit it. |
When a sales credit note is "In Progress", you can preview it in PDF format. When a sales credit note is "Complete", you can preview and print it in both HTML and PDF format.
The Sales Credit Note object is a company-owned object Custom object that only exists within the context of a specific company.. New documents are assigned to the company queue A location within the underlying Salesforce platform used to represent a company. When you activate a new company, a corresponding company queue is created. that represents your document company.
Settlement Discounts
Potential settlement discounts and dates are calculated when you post a sales credit note.
The discounts are calculated in both account and document currency using the document date and the credit terms Set of terms used to determine due dates and discounts for the goods and services bought or sold. Terms can be set at account level for vendors and/or company level for customers. of the document company. However, if a customer account has its own credit terms, then these take precedence. The discount dates and amounts are stored on the transaction for use in cash matching and when printing the document.
Approval
This feature is not part of the base FinancialForce Accounting package, your administrator One or more individuals in your organization who can configure and customize the application. Users assigned the System Administrator profile have administrator privileges. must install and configure the FinancialForce OneTouchextension package to enable it.
It is possible to prevent the posting of sales credit notes by enabling sales credit note approval in your organization. This feature is controlled by a custom setting. Your administrator will configure this for you where appropriate.
Once enabled, you must select the document's Approved checkbox to allow it to be posted. The location of this checkbox is dependent on how your organization is configured. Contact your administrator for more details.
Print Status
The print status of a document is normally displayed as a column in document list views. The event log Tells you when an invoice or credit note was printed or sent by email, and who printed/sent it. Not used for mass email communications. also records when a document has been printed.
| Status | Description |
|---|---|
| Not Printed | The document has not been printed. |
| Printed | The document has been printed one or more times. |
Payment Status
The payment status is displayed on the document's detail page once the document has been posted.
| Status | Description |
|---|---|
| Unpaid | No part of this document has been paid. |
| Part-Paid | Some of the original value of this document has been paid. |
| Paid | This document has been paid in full. |