Credit Memos - Setup

Note: All Credit Memo functionality is placed behind a Feature Flag in Vantaca, this will need to be enabled by a member of Vantaca’s Support Team. Please contact us if you’d like to incorporate Credit Memos into your Vantaca workflow

Configuring Credit Memo GL

1. Go to Association > Settings> Accounting.
   1. This can be done on your Model Association to save time.
2. Click Edit on the GL for Credit Memo field.
   
   
3. Select an available GL from the dropdown options and click Update to complete.

Note: If you do not have a Credit Memo GL, you will need to create one. For more info, visit Global GL Accounts or Editing GL Accounts for Associations.

Creating a Credit Memo

1. Go to Service Providers > Credit Memos.
   1. Select the Service Provider you want to create the Credit Memo for by clicking on the Service Provider name and selecting the intended provider if it’s not already selected.
2. Click the New Credit Memo button.
   
   
   
   
3. Fill out the following fields on the Credit Memo form:
   1. Credit Date: Date cannot be backdated into a closed fiscal period.
   2. Memo Number
   3. GL Account
   4. Credit Amount
   5. Description
   6. Attachments: The only non-required field on the Credit Memo form, attach files as needed.
4. Click Update to complete.
    

   🛡️ Delete Protection 🛡️

   You cannot delete a Credit Memo that is currently applied to an invoice. This protection is in place to prevent additional errors that may occur with a deletion.

Applying a Credit Memo

Note: You’ll need the required permissions to access the Credit Memo tab on Invoices.

Once you’ve created a Credit Memo, you can apply it to any invoices that are currently in the Ready For Payment step. Tip: You can apply multiple Credit Memos to a single Invoice!

1. Go to Accounting > Pay Invoices.
2. Select an Invoice from any of the available tabs (Pay Now, Warning, or Future) by clicking the Invoice’s Expand Button ().
   
   
3. Go to the Credit Memo tab and click the Apply button on the Credit Memo you want to apply to the Invoice.
4. Enter an Allocation Amount of the Available Balance to be applied to the invoice.
   1. Note: The Allocation Amount must be less than or equal to the available balance. Attempting to click the Apply button with an Allocation Amount that exceeds the Available Credit Balance will result in an error message.
5. Click Apply to complete.
6. Once the Credit Memo has been applied, the following information will be added to the Invoice Action Item as a New Message:
   1. Author
   2. “Credit memo applied”
   3. Credit Memo Number
   4. Amount Applied

💡 Tip: Entering a Negative GL Amount 💡

You can also apply a credit memo to an Invoice by entering the Credit amount as a negative GL amount. Vantaca will automatically convert this into a credit memo and apply it to the invoice just as if you were to apply it manually.