Entering A/P Credits

The following tabs are available on the Enter A/P Credits form. Click the link to view detailed information about each tab:

Procedures

To reduce an existing invoice using the Enter A/P Credits form

  1. Enter the document information—Credit, Date, Amount, Description, Vendor ID and Check Address.
  2. Select the Invoices Credit Type of Applied Credit and select the invoices to which this credit applies using the Choose Invoices form. (This form automatically displays after you select a vendor ID.) Click OK to return to the A/P Credits form.
  3. Enter the offsetting transaction lines or select Apply Expense Codes as Offsets . Each line item will contain the appropriate account codes, an Invoice/Credit Number, related Debits and Credits, an Entry Type, an Effective Date, a Description, and an Exchange Rate, if appropriate. If the vendor you selected requires a 1099, you also need to complete the 1099 Box.
  4. Complete the Enter A/P Credits - User Defined Fields tab, if appropriate.
  5. Click Save.

The system displays the Exchange Rate column if the Multicurrency module has been installed and set up by the Administrator (Organization>Add A Module), and the Session currency selected is a currency other than the functional currency (Step 3).

To enter an on account credit using the Enter A/P Credits form

  1. Enter the document information—Credit, Date, Amount, Description, Vendor ID and Check Address. Enter a positive number for the amount.
  2. Select the Invoices Credit Type of On Account to record a credit for this vendor using the Choose Invoices form. (This form automatically displays after you select a vendor ID.) Click OK to return to the A/P Credits form.
  3. Enter transaction line items—at least one balanced entry is required. Each line item will contain the appropriate account codes, related Debits and Credits, an Entry Type, an Effective Date, a Description, and an Exchange Rate, if appropriate. If the vendor you selected requires a 1099, you need to complete the 1099 Box. This information is used to record 1099 payments when an actual disbursement is made to the vendor.
  4. Complete the Enter A/P Credits - User Defined Fields tab, if appropriate.
  5. Click Save.

The system displays the Exchange Rate column if the Multicurrency module has been installed and set up by the Administrator (Organization>Add A Module), and the Session currency selected is a currency other than the functional currency (Step 3).

To reduce an existing on account credit using the Enter A/P Credits form

  1. Enter the document information—Credit, Date, Amount, Description, Vendor ID and Check Address. Enter a positive number for the amount.
  2. Select the Invoices Credit Type of Applied Credit and select the credit number to which this credit applies using the Choose Invoices form. (This form automatically displays after you select a vendor ID.) Click OK to return to the A/P Credits form.
  3. Enter the offsetting transaction lines or select Apply Expense Codes as Offsets . Each line item will contain the appropriate account codes, an Invoice/Credit Number, related Debits and Credits, an Entry Type, an Effective Date, a Description, and an Exchange Rate, if appropriate. If the vendor you selected requires a 1099, you also need to complete the 1099 Box.
  4. Complete the Enter A/P Credits - User Defined Fields tab, if appropriate.
  5. Click Save.

The system displays the Exchange Rate column if the Multicurrency module has been installed and set up by the Administrator (Organization>Add A Module), and the Session currency selected is a currency other than the functional currency (Step 3).