This article will cover how to:
Add a Credit Memo to a Vendor
Apply the Credit to a Bill
Add a Credit Memo/Surplus to a Vendor
Add a Surplus/Credit Memo to a vendor by going to CP Books→Vendors→ Modify Vendor
On the vendor click the ellipsis next to Surplus Acct.
The Surplus Account History will open. To add a Credit Memo click the ‘Add’ Button and click Credit Memo
Enter the Credit Amount, GL code and any other pertinent information.
Add any documents or photos and click OK
Open the vendor and they now have a surplus. Click the ellipsis to see the surplus account history.
Click the ellipses on a Surplus Account History entry to View Docs, View Bill Payment History, Zero Out Remaining Balance, or Delete.
Apply the Credit Memo/Surplus to a Bill
Go to CP Books→ Enter Bill Payments & Adjustments
(You may need to enter a bill in that case go to Enter Bills)
Then, select the correct vendor from the list.
If the bill is approved and ready to be paid, you should see it in the “Approved Bills” section at the bottom of this page. To pay this bill using the balance from the surplus credit memo, select “From Surplus Account” from the “Payment Method” drop-down.
Now, enter the payment date, amount (the total amount of the bill(s) you are paying), any necessary notes, and upload any necessary documents.
You should now see a “Credit Memo to Use” column in the Approved Bills table. Select the appropriate credit memo to pay this bill from the drop-down.
Now, click the “Record Payment” button to finalize the payment.
To view the payment you just made, you can go back to the vendor to view the vendor’s surplus history, or you can go to the surplus history page.
You can get there by going to “CP Books → Vendor & Surplus Refunds → Surplus History”.
When viewing the surplus history, you can see the information on the transactions
There will also be a Journal Entry for the transaction using the Credit Memo.
To delete a Credit Memo go to the surplus screen for the Vendor→find the Credit Memo →click the ellipsis → select View Bill Payment History
On the Bill Pay History Screen click the ellipsis and select. The Credit Memo will show as a Surplus Credit
FAQ
Do I do a Credit Memo or Vendor Surplus?
How do I link a credit memo to a job or invoice?
A credit memo is applied to a bill, which can be connected to the job. You can include a note on the credit memo to reference the related job or invoice.
I have a credit memo from a vendor (ie overpayment/return of materials) but no bill to apply it to?
Basically, CenPoint handles this by keeping the credit memo to apply it to the next or future bill.
Credit memos are not tied to a specific bill. Their only purpose is to increase the balance of a vendor's surplus account. Once you create a credit memo, you can then pay off the bill from the surplus account.