After you record one or more credit memos from a vendor, you can apply the credits to the outstanding balance on another invoice from the same vendor. You can apply a credit from the credit memo or from the invoice you want to apply the credit to. You can use either method; however, it may be easier to apply the credit from the invoice since the list of candidates will be smaller. You can apply a credit memo or nontitle credit memo to regular invoices, supplemental invoices, and nontitle invoices.
After you apply a credit to one or more invoices, users can display the invoices to which credits have been applied (or you can display the credits that have been applied to an invoice). If a credit is applied to an invoice by mistake, you can undo the application of the credit. (For more information, see Undoing the Application of a Credit.) You apply credits with the Apply Credit option on the Statement menu.
Effects
When you apply a credit to an invoice, Horizon:
• | Links the credit memo and the invoices, so users can display the corresponding invoices or credit memos (depending on the context). |
• | Assigns the credit to the invoice. Be aware that this does not change the encumbered or expended amounts on the invoice. (Funds were credited to the appropriate budgets on the original invoice when you recorded the credit.) However, it does reduce the amount on the voucher that you pay the vendor. |
This section explains these topics:
• | Applying a Credit to an Invoice (from the Credit Memo) |
• | Applying a Credit to an Invoice (from the Invoice) |
• | Displaying the Invoices to which a Credit Has Been Applied (or Vice Versa) |
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