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
Select 'Apply'
Select invoice(s) the credit memo will be issued for
Apply and continue or close accordingly
Print credit memo document to check available credit, amount applied, and invoices associated. Use this document to email your customers.
Need more help? Contact X‑1FBO Support for further assistance