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Unit: Monographs Receiving, OKU Serials Receiving, and E-Resources & Serials Management
Date last updated: 05/0503/20232024
Date of next review: May 2024
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. When to process a credit. Credits are processed in FOLIO for the following situations:
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- 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 credit
- Bill to name: Select your appropriate dept.
- Vendor invoice number: Credit memo invoice number. When using a blank credit memo use the invoice number the item was originally paid on, adding "CM" as a suffix, e.g 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: Click "Actions" then "+ Add line from POL" ; using the same POL and fund number that was used for the original payment
- Add price proceeded with a minus sign (e.g. -25.00)
- Save & close
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