We have launched an entirely new module of credit notes for accounts payable!
Users can now create and map bills to vendor credit notes. Let's take a look on how to do this:
- Go to Credit Notes under Accounts Payable. Click on Add New.
- First, choose a vendor. Afterward, you'll see a list of bills along with the reference numbers and the amount owed.
You have the flexibility on the amount of credit note you'd like to settle for the bills, whether it's partial or full amount.
If you'd like to apply a specific amount to the Credit Notes, please input the amount that will be settled in the Applied Amount box.
Do not forget to also fill the Amount field at the top based on the amount you've settled.
If the Credit Note amount is applied to the amount for one or more bills, click on the arrow icon. Doing so will link the Outstanding Amount to the Applied Amount as well as pre-fill the Amount field at the top.
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Check again if you've filled the required fields. Once done, hit Save and Close.
How do I approve a credit note?
Post credit note submission, admins can review and approve these credit notes.
In the credit notes tab, click on the draft of the credit note you'd like to approve. You'll see a big rectangle green button at the top with the word "Approve" on it – and that's where you'll need to click!
By clicking on the Approve button, it will change the status of the credit note to Active.