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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:

   http://secured.progoldi2.com

•          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