Staff can create a customer credit memo Customer Credit Memo through Kuali Financial Systems (KFS).
Customer credit memos Credit Memos (CRMs) are meant to reduce charges (units or dollars – not both) on an existing invoice , and can only be entered against an invoice with an outstanding balance. CRMs route to the Fiscal Officer of the revenue account being credited on the original invoice , and the AR Manager for approval.
For the AR Manager to approve the CRM, you must include adequate documentation in Notes and Attachments. Once the CRM is approved, the revenue that was received when the invoice was created will be reversed.
To create a Customer Credit Memo,
Navigate to Accounts Receivable & Cash.
Click on Customer Credit Memo.
Enter the original invoice number or the invoice number to be
cancelledcanceled.
Click Continue.
In the
'Description
'field, enter your 4-digit
Org Codeorganization code, abbreviated department name, and the invoice number to be
cancelledcanceled. The Explanation is optional
, however; you can choose whether to include additional detail in this field. This text can be copied to the Notes and Attachments as justification for the cancellation.
Enter either the quantity or amount you are
cancellingcanceling, but not both.
Click
‘Recalculate
’.
Copy the text from the explanation above.
Attach backup documentation and/or emails justifying the cancellation.
Click ADD.
Click Submit.
Once you click Submit, the ‘Document Document was successfully submitted’ Successfully Submitted message will appear. In the image below, the status has been updated updates from INITIATED to ENROUTE.
| Note | ||
|---|---|---|
| ||
| Customer credit memos Customer Credit Memos are created to cancel charges on customer accounts. When a customer credit memoCustomer Credit Memo is created, it is extremely important for departments to enter a note in the Notes and Attachments section of the Customer Credit Memo eDoc. If your department is audited, you must provide documentation as to why you credited the customer’s account. Be sure to enter a note describing the reason for the credit on the account/cancellation of the invoice. The more information (emails/correspondence) you provide, the better. |
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