Purpose

In this video, we walk through creating Vendor Credit Memos in TRUE Accounting. Document the credit you've received from a vendor, accurately adjust the costs of specific projects and reduce the total amount you owe to vendors in your accounting records. Review the article below for a brief overview.

Video

Creating a Vendor Credit Memo

1. Navigate to the Financial Module.
2. Select the “Credit Memos” Module.
3. Click the “Vendors” Mode and select the green '+' icon
4.  Input preliminary information:
   • Amount: Total of the Vendor Credit Memo
   • RMA #: Unique identifier provided by the vendor
   • Reason: Optional field for additional context
5. Click 'Continue' and complete the following fields:
   • ID: Automatically generated by TRUE
   • Vendor: Select the appropriate vendor
   • Available Credits (Debit): Choose 'Accounts Payable' or ‘Vendor Credits’
   • Asset/Expense (Credit): Select the relevant expense account
   • Type: Auto-generated by TRUE
   • Date: Adjust if necessary
   • Job/Contract: Link to attribute cost reduction
   • Additional fields: Modify as needed (Reason, RMA#, Amount, Balance
6. Conduct Job Costing by clicking the '+' icon under ‘Job Costing Amount’
7. Review the 'Credits Applied' section for visibility on usage
8. Add supporting documentation in the Files/Emails/Notes section

Tips for Efficient Use

• Avoid setting the 'Source Document' unless the credit must be applied to a specific bill.
• Use the 'Archive' feature for managing a large volume of vendor credits.
• Regularly review the 'Credits Applied' section to track usage.
• Attach relevant documentation in the Files/Emails/Notes section for future reference.