A credit note (credit memo) is a document used to rectify errors made on a sales invoice that has been processed and dispatched. Credit notes may also be issued to a buyer who wishes to return previously purchased merchandise. Typical reasons credit notes are issued could include:
- Returned Goods
- Damaged Goods
- Incorrect Shipment
- Retrospective Discount
A payable credit note is your record of the sales credit note issued by a vendor Person or company that sells goods or services to your organization. to show evidence of a refund or discount. You can enter the information provided on your vendor's credit note including the products, quantities and prices paid for goods or services that have been returned or retrospectively discounted.
The Payable Credit Notes tab displays a home page that lets you quickly create and locate payable 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 payable credit note.
|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.
|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.
|The document is in the process of being 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.
The Payable 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 current company The company in which you are working. This is represented by the company queue to which you, and new instances of objects you create, are assigned..
Potential settlement discounts and dates are calculated when you post a payable credit note.
The discounts are calculated in both account and document currency using the document date and the credit terms of the current company. The discount dates and amounts are stored on the transaction for use in cash matching or payments and when printing the document.
Reverse Charge Tax
If you want to account for VAT/GST using the reverse charge or tax shift procedure, select the Enable Reverse Charge checkbox in the document header. This will activate the additional output tax fields and the Reverse Charge checkbox. These enable you to enter an output tax code and output tax rate. This will create both an output and an input tax line when posted.
|This feature is not part of the base 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 an extension package to enable it.
It is possible to prevent the posting of payable credit notes by enabling payable 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.
The payment status is displayed on the document's detail page once the document has been posted.
|No part of this document has been paid.
|Some of the original value of this document has been paid.
|This document has been paid in full.