A credit note (also known as credit memo) is issued to indicate a return of funds in the event of an invoice error, incorrect or damaged products, purchase cancellation, or otherwise specified circumstance. One type of credit memo is issued by a seller in order to reduce the amount that a customer owes from a previously issued sales invoice. Another type of credit memo, or credit memorandum, is issued by a bank when it increases a depositor’s checking account for a certain transaction.
In other words, a credit note can be received or issued by a business. For small business owners, both types are common.
There are several situations in which a credit note should be issued. Some common cases when to issue a credit note are the following:
- If you receive goods from a supplier that must be returned due to damage, or fault – or simply do not meet the buyer’s specifications
- Correcting any invoice mistakes (e.g., invoice amount overstated)
- Correct discount rate is not applied to invoice
- Goods damaged within the warranty period
- Cancel out any awaiting payments on invoices
In Sage x3 there is functionality from where user can create a credit note\memo against the purchase return.
Follow the below steps:
Steps:
We have to create a purchase returns transaction. User can create a purchase returns transaction directly or against purchase receipt.
Navigate To: Purchasing >Returns > Purchase returns
- Enter a value in mandatory fields.
- Select a purchase receipt transaction from left list of the screen, as shown in below figure.
After selecting a purchase receipt transaction from left list on line level there is one field Gen. Credit memo, user has to set the value in this field from ‘No’ to ‘Yes’ then user will be able to create a credit note\memo against this purchase return. Please refer the below figure.
After creation of purchase return user needs to validate the transaction from validation button which is available on right side of return screen, then user can able to select a purchase return on purchase invoice screen.
Now we have to create credit memo against this purchase return.
Navigate to: Purchasing > Invoices > Invoices
- Enter a mandatory value in fields
- Select an invoice type as a ‘AVR’ i.e., Credit note/Return
- Select a purchase return transaction from left list and create a credit note/memo for the same, as shown in below figure.
Now we have created a credit memo against the purchase return as you can see in below figure.
With the help of above steps user can create a credit note/memo against purchase return.
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