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Article ID:                  4173

Subject:                    Creating and Applying a Credit Memo to an Accounts Receivable (A/R) Invoice

Last Modified:         April 2, 2013


Applies to:                Pro Gold i2 2.xx, 3.xx


Purpose:  A Credit Memo is used to apply a credit to an agent/customer’s account. Credit Memos are typically generated to credit an account for an overpayment, advance payment, reimbursement, or as a bonus/allowance.


Procedure:  The steps to create a credit memo and apply the credit memo to an invoice are listed below


          Step 1 Create a Credit Memo


-          Go to Receivables Tab and select the Issue Credit Memo icon

-          Select New button at the bottom of the screen to create a new credit memo

-          Select the agent/customer that will receive the credit

-          Fill in the Description field with the reason for the credit

-          Enter the amount of the credit in the Price field

-          Select a General Ledger (G/L) account in the Debit Account field

          The default G/L account for the Credit Memo is Undeposited Funds (1090)

          Use the Undeposited Funds account only when money is received for the credit (as in the case of an advance payment)

          If no money is received for the credit (as in the case of a bonus or allowance), select the G/L account that is specific to the item of the credit

-          The Credit Memo will appear in the agent’s account and reduces the overall balance, but the Credit Memo must be manually applied as a payment to an invoice to be used


          Step 2 Create Deposit in bank account


-          If money was received, you must go to the bank account in Pro Gold and enter a deposit for the amount received using the Undeposited Funds (i.e., 1090) as your Credit G/L account


          Step 3 Apply a Credit Memo as a payment to an Invoice


-          In the Receivables Tab, select the Receive Payments icon

-          Select the agent/customer from the drop-down in the upper left corner

-          A list of the unpaid invoices and/or credit memos will appear in the middle of the screen

-       Check the Zero Payment Credit box in the bottom left area of the screen

-       Enter amount to allocate from the credit memo in the Amt to Allocate field of the credit memo

          Note: Credit memo amount format must be negative value=> e.g., -725.00

          Note: Amount allocated from credit memo must equal the amount allocated to the outstanding invoice(s)

-    Enter amount to allocate to the outstanding invoice(s) in the Amt to Allocate field of the invoice(s)

          Note:  Invoice amount format must be a positive value => e.g., 725.00

          Note: Amount allocated must equal the amount allocated from the credit memo

-          Select Post Payments button to apply payments

-          Select OK button once payment successfully applied

-          Select Done button to complete process

References:   Below is a link you can use to access Enhancement HelpNet Center resources, which includes the Knowledge Base Article (KBA) Library, Pro Gold i2 Documentation, and Training Webcasts:



          The Enhancement HelpNet links are located on the right side of the web page.


Related articles: N/A


Keywords: A/R, Accounts Receivable, Invoicing, Apply Payment, Receive Pay, 4173

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