Credit Memo Processing

Purpose: To apply credit memo (CM) amounts against payments on invoices.

Periodically we will receive CMs from vendors which need to be entered into Millennium.  To process a CM, follow directions for Processing Invoices with the following variations:

1.  For credit memos that are being invoiced to be applied to an actual outgoing check:

A.  You must process the credit memo in the same interface cycle along with an invoice from the same vendor that is a larger dollar amount than the credit memo.

B.  When entering the CM number in the invoice field in Millennium, add a CM to the beginning of the CM, you will still need to add the slash (/) at the end of the number.

C.  Enter all amounts with a - (negative) before it, this includes shipping charges and the final total.

D.  Fill out yellow slip as you would with regular invoices EXCEPT use a red pen and make sure to enter a - (negative) in front of the dollar amounts.

2.  For credit memos that are being invoiced for internal purposes only (i.e. as a "Z"), use steps B (remembering to add a space before Z after the slash at the end of the CM number) and C, disregard steps A and D.

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Created by: Sharon Fitzgerald | Revised: 12/23/2011