Credit Note

[Former Member]

Hi,

What is a credit note. What sort of an invoice should be posted when we receive a credit note from the vendor.

Thanks

Aparna

[Former Member · Accepted solution]

Hi,

Credit memo in invoice : If you received 100 Pcs with price as 100 rs per Pc, and you have posted the Gr & then Invoice also has been posted. after that if u noticed any quality issue with the material & wants to return back the material, then create a credit memo with the qty & price which u want to return, accordingly create a return delivery in migo. This will be applicable only if you have a not put tick mark in customization. You can check the same in below path spro >> mm >> Inventory Management and Physical Inventory >> Goods Receipt >. For GR-Based IV, Reversal of GR Despite Invoice

regds,

CB

[Former Member]

Hi

The term credit memo always refers to a credit memo from the vendor. Therefore, posting a credit memo always leads to a debit posting on the vendor account.

As in the case of invoices, credit memos refer to purchase orders or goods receipts. They are used to correct the purchase order history if the quantity invoiced was too high, for example, if an invoice was too high or if part of the quantity was returned.

When you post a credit memo, the total quantity in the purchase order history is reduced by the credit memo quantity.

Regards