Accolent ERP tracks transactions that reduce a Customer’s owed balance through Credit Memos and Unapplied Cash. Credit Memos are created when Customers return goods for credit. Unapplied Cash entries are created when Customers make payments that aren’t linked to any specific invoices that are being paid. Once created, these credit balance items may be “applied” against specific invoices, which will then be marked as paid.
Applying Credit Balance Items
- Go to Receivables > Payment Receipts > List Payment Receipts, click on the Add Payment button.
- This opens the Create Payment Receipt screen.
- The grid will display all open (i.e., unpaid) Invoices for the specific Customer entered as well as any Credit Memos (shown with a prefix of CM) and Unapplied Cash items (shown with a prefix of UN*).
- Credit Memos and Unapplied Cash items will be shown as negative, indicating that these reduce the amount owed by the Customer.
- For example, for Customer 160225 there is one invoice, one Credit Memo (CM) and one Unapplied Cash (UN) entry.
- To apply only the Credit Memo, enter the new payment amount of $0.00, then make the current payment of the Credit Memo equal to -$218.50 and the current payment of the Invoice as +$218.50.
- This will apply the Credit Memo to reduce the balance due on the invoice by $218.50.
- Similarly, just the Unapplied Cash could be applied, or it could be applied in addition to the Credit Memo.
- If both the Credit Memo and the Unapplied Cash were applied, a new payment of $178.52 could be taken to pay off the remaining invoice balance net of the balance.
- Take a payment of $178.52 and apply both the Credit Memo and the Unapplied Cash.
- Save to complete the transaction
Customer Collections Screen
- Go to the Customer > Views > Collections screen to see that Invoice 66598 has a zero unpaid balance
- Also, neither the Credit Memo nor the Unapplied Cash remain.
- Look up paid invoices to see that Invoice 66598 has been paid.
Customer Payments Screen
- Go to Views > Payments.
- Open 20044 to see how the payment of $178.52 together with the Credit Memo of $218.50 and the Unapplied Cash of $20.00 paid off Invoice 66598 for $425.53 less a payment discount of $8.51.
