#What is a credit memo in accounting code#

It is also called a credit memo.Ī credit note is part of the double entry bookkeeping process and is usually created in an accounting package like QuickBooks or FreshBooks. In other words, it is a negative invoice. What is a Credit Note? Credit Note DefinitionĪ credit note is a document issued to cancel all or part of a sales invoice.

What Information Should I Include on a Credit Note?.

A refund check should be requested from the vendor for credit memos not applied to a vendor payment within a year. Many vendors submit credit memos to balance their accounts receivable, and the credit memo is for information only and should be retained in unit files. If the vendor has not assigned a number to the credit memo, use the original invoice number with the letters CM, otherwise the BANNER system will consider it a duplicate invoice.

The credit memo will be posted to the unit’s operating ledger immediately (the offsetting entry resides on the fund balance sheet as a reduction of accounts payable liability, until new invoices from the same vendor satisfy the credit memo.) If a credit memo involves a previously discounted invoice, the credit memo should be reduced to reflect the original amount paid.Įquipment credits must have the word “credit” in the commodity description. A cross-reference to the original invoice must be noted in the text section on the BANNER invoice form. Click on the Null Credit Memo field, otherwise a check will result instead of a credit being taken. When a credit is due for a previously paid invoice, process the credit memo in the same manner as an invoice. The credit memo must be matched with the original invoice to determine whether the credit should be processed. * This information replaces FIS 406-06 Credit MemosĬredit memos are issued by the vendor to adjust a previous invoice to refund an overpayment or adjust for returned merchandise. Ex120-3: Coefficient Table for Computing FLSA Overtime Premium Pay.Ex120-2: Classified Appointment Information Matrix.Ex120-1: Unclassified Appointment Information Matrix.Ex003-33: University-Provided Device Authorization Form.

#What is a credit memo in accounting code#

Ex003-30: Transfer Account Code Flowchart.

Ex003-28: Paying Wages to a Non-resident Alien.

Ex003-27: Payments That Can Be Issued to Foreign Nationals.

Ex003-26: Department and Employee Directory - non-resident Alien Activities.

Ex003-25: Non-resident Alien - Form Descriptions.

Ex003-24: Inviting & Paying a Non-Resident Alien for Academic Activities.

Ex003-22: Business Center – JV Rule Code Matrix.

Ex003-21: Transfer Account Code Usage by Fund Type Level II.

Ex003-20: Course Fee Calculation Guidance.

Ex003-19: Fund Reconciliation Responsibility by Unit.

Ex003-18: Fund Reconciliation Responsibility by Fund.

Ex003-17: External Receipts Account Code Guidance.

Ex003-16: Proposal for Use of e-Signature.

Ex003-15: e-Signature Authentication Assurance Levels.

Ex003-12: External Funding Approval Matrix.

Ex003-11: Recharge Fee Calculation Form – LABOR only.

Ex003-10: Recharge Fee Calculation Form.Ex003-102: Procedure/Guideline Template.Ex003-09: Recharge Allowable Cost Matrix.Ex003-06: Recharge Activity Accounting Structure.Ex402-16: OSU Fabricated Equipment Unit Pre-approval.Ex402-8: OSU Surplus Property Pick-Up Request.Ex402-6C: Property Loan Agreement - To OSU.Ex402-6B: OSU Property Loan to Other Institutions and Agencies.Ex402-6A: Property Loan Agreement - To Employees.Ex402-5: Property Disposition Request Form (PDR).

Ex402-3: Fixed Asset Data Entry (FADE) Form.Ex402-1: Creating an Asset Record from an Invoice.Fiscal Year End Processing of Cash Receipts.Fiscal Year End Processing of SIS Accounts Receivable.Classified and Temporary Employee Compensation.Sponsored Research and Federal Property.Recharge Activities (Internal & External).Fiscal Year End Processing of Journal Vouchers.Education & General (E&G) and Statewide Public Service (SWPS) Budgeted Operations.Student and Volunteer Cash Reimbursements.Meals, Refreshments and Events (Non-Travel).

Fellowships, Scholarships and Student Payments.

Donations, Contributions and Sponsorships.

Automated Clearing House (ACH) Payments.