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create credit memo for a FA Prepay

  • 1.  create credit memo for a FA Prepay

    GOLD CONTRIBUTOR
    Posted Jan 20, 2021 09:29 AM
    Hi,
    I need to create a credit for a PO that I did a FA Prepay.
    Not sure how to do this
    Any thoughts

    Thanks

    ------------------------------
    Laurie Gooch
    Accounting Coordinator
    Creative Food Ingredients
    Perry NY
    ------------------------------


  • 2.  RE: create credit memo for a FA Prepay

    NAVUG ALL STAR
    Posted Jan 21, 2021 08:33 AM
    Laurie,

    On the Purchase Order, you did the FA Prepayment, you can perform a Prepayment Credit Memo. Remember to fill in the Prepayment Credit Memo No., in the Prepayment Fast Tab. After you post this document you need to apply to the Original Invoice. Now on the actual Purchase Order, you can Open the PO, and remove the Prepayment Amount/% and Release the document.

    The Fixed Asset will not be effected since it is a Prepayment and I am guessing you have NOT actually cut the check.

    Hope this helps.
    Thanks,
    Steve

    ------------------------------
    Steven Chinsky
    Manager
    Wipfli
    Mansfield MA
    NAVUG/BC Programming Committee Member
    NAVUG All-Star, Granite Award Recipient, MCP, DCMP
    ------------------------------



  • 3.  RE: create credit memo for a FA Prepay

    GOLD CONTRIBUTOR
    Posted Jan 21, 2021 08:41 AM
    Hi Steve,
    Thank you for your help. Unfortunately I DID cut the check and the piece of  equipment did not come through and the equipment broker sent us the money back.
    So what do I do now?

    Thanks

    ------------------------------
    Laurie Gooch
    Accounting Coordinator
    Creative Food Ingredients
    Perry NY
    ------------------------------



  • 4.  RE: create credit memo for a FA Prepay

    NAVUG ALL STAR
    Posted Jan 21, 2021 08:58 AM
    Laurie,

    OK, I would first Financially Void the Check. Go to Bank Accounts, then Navigate to the Check Ledger Entries and Unapply and Void Check. This will put the Prepayment Invoice back on the Vendor Ledger Entries as Open. Since actual Invoice for the PO never was actually posted (meaning you fully paid for the Fixed Asset PO), create the Prepayment Credit Memo and manually Apply the Prepayment Credit Memo to the Open Prepayment Invoice. This will close those documents out. Reopen the PO and since you will never be receiving the FA, delete the PO.

    Hope this helps.
    Thanks,
    Steve

    ------------------------------
    Steven Chinsky
    Manager
    Wipfli
    Mansfield MA
    NAVUG/BC Programming Committee Member
    NAVUG All-Star, Granite Award Recipient, MCP, DCMP
    ------------------------------



  • 5.  RE: create credit memo for a FA Prepay

    GOLD CONTRIBUTOR
    Posted Jan 25, 2021 09:19 AM
    Hi Steven,
    I want to thank you so much for the help. It worked and now I am all good.

    Have a great day!!!!!!!!!

    ------------------------------
    Laurie Gooch
    Accounting Coordinator
    Creative Food Ingredients
    Perry NY
    ------------------------------



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