In general terms, a credit memo is a document reducing the amount that the buyer owes to the seller under the terms of an earlier invoice. This is what you need to know to create a Credit Memo in X-1FBO:
It is created in Accounts Receivable
It can apply to customers or payment processors
It requires a posting date for accounting integration (sync) purposes
It requires a Credit Memo GL account to be set up under Accounting Settings/Use A/R GL accounts:
Step 1.
Step 2.
Step 3.
Select either a customer or processor you wish to make the credit memo for
Fill out all required fields
Use the Save & Print option to pull the credit memo document with available credit information, or simply select 'Save' and continue to apply to open receivables.
Credit memos have a CM- designation as the received ID
How to apply a Credit Memo in X-1FBO:
Locate Credit Memo entry under Review Payments/Open Payments