How to use a Credit Invoice for A/R
Appendix ››
Enter credit invoices as a normal Invoice, except with a last character of ‘C’ and when entering them the debits and credits are just reversed. The general ledger number asked of you by the system will be debited (normally the cash account (10xxx-11299) and Accounts Receivable will be credited. Normally Accounts Receivable credit invoices are set up when an owner overpays his Accounts Receivable invoices or you owe him money.
You can only issue a JEC or JED to a credit invoice manually. However, Operating Statements will access them in determining the balance due of a netout owner, decreasing the amount due by the amount of the credit invoice, and issuing a pay applications to make the balance of the credit invoice equal to zero. Do not enter negative amounts.
If an owner in the Owner/Customer file for netout is defined as ‘C’ (combine balance for netout) or ‘E’ (each unit is netted individually) and he only has a credit Accounts Receivable invoice, a check will be issued when Operating Statements are ran. If you do not wish to refund a credit to the owner, change is netout to ‘N’ for no netout in the Owner/Customer file. The credit invoice will be held until he has positive invoices and will be applied toward the positive invoices.
Created with the Personal Edition of HelpNDoc: iPhone web sites made easy
