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Unit: Monographs Receiving, OKU Serials Receiving, and E-Resources & Serials Management
Date last reviewedupdated: 0605/2803/20212024
Date of next review: May 2022
Essential Documentation Needed To Process a Credit
Information Required To Process a Credit memo
Check the Accuracy of the On-line Credit
What To Do with the Paper Credit Memo
2025
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A Anchor A A A. When to process a credit. Credits are processed in FOLIO for the following situations:
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- The library paid for an item but did not receive it from the supplier
- An item is returned to the vendor after payment is made
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B. Essential documentation needed to process a credit should include one of the following:
- A check returned to LTS by a supplier
- A credit memo against a specific invoice supplied by a vendor for a returned item
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CC C. Information required to process a credit memo
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- The invoice number for which the credit memo was issued
- The date the credit was issued
- Title of item credited
- The reason the credit was issued
- The amount of the credit (in U.S. dollar, equal to the amount originally paid for the item)
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D. Processing a Credit in FOLIO
- Create an invoice in FOLIO
- Fill in the following information
- Invoice date: Credit memo date. If there is none, use today's date
- Status: Change from "open" to "reviewed" when you are ready for accounting to approve the creditAmount: Enter the amount proceeded with a minus sign, e.g. -25.00
- Bill to name: Select your appropriate dept.
- Vendor invoice number: Credit memo invoice number (Add " CM" as prefix to the number). When using a blank credit memo use the invoice number the item was originally paid on, adding the "CM" prefix. as a suffix, e.g CM123455 12345CM
- Vendor name: LTS assigned vendor code
- Payment method: "Physical check" unless paying with a P-card then select "credit card" from the drop-down menu
- Export to accounting: This should be checked when payment method is "Physical check" DO NOT CHECK this when Payment method is "credit card"
- Upload your invoice: Add your department name, date paid and your initials to the invoice first (Example: LTS RECEIVING - LM - 06/28/21)
- Save & close
- Scroll down to Invoice lines and "Add" the appropriate POL for the credited item, : Click "Actions" then "+ Add line from POL" ; using the same POL and fund number that was used for the original payment, and using the same fund number
- Add price proceeded with a minus sign (e.g. -25.00)
- Save & close
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EE E. Check the accuracy of the on-line credit
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- Verify that the same fund number for the original payment is used for the credit
- Verify that the credit amount is proceeded with a minus sign
- Verify that the total amount on the paper credit memo and the FOLIO credit invoice agree
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F. What to do with the paper credit memo?
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