Scope: This document outlines the procedure that Library Technical Services receiving staff follow when processing a credit for materials that were not supplied or were returned to vendor.
Contact: Lisa Maybury
Unit: Monographs Receiving, OKU Serials Receiving, and E-Resources & Serials Management
Date last updated: 05/0403/152024
Date of next review: May 2016
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
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A. When to process a credit. Credits are processed in Voyager 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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BB. Essential documentation needed to process a credit should include one of the following:
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- A check returned to LTS by a supplier
- A credit memo against a specific invoice supplied by a vendor for a returned item
- A blank credit memo pre-supplied by most major vendors, completed by LTS
- Generic blank credit memo, designed by LTS, completed by LTS. Used for the return of books to vendors of major approval plans which do not supply pre-supplied blank credit memos
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CC. Information required to process a credit memo
- 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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DD D. Processing a Credit in VoyagerFOLIO
- Create an invoice in VoyagerWrite the voyager supplied voucher number in black or blue ink on the paper credit memoFOLIO
- Fill in the following information
- NumberInvoice 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 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 CM12345512345CM
- Date: Credit memo date. If there is none, use today's date
- Amount: Enter the amount originally paid proceeded with a minus sign, e.g. -25.00
- Bill to: Select Endowed Accounting or Mann Accounting as appropriate
- Code: LTS assigned vendor code
- Save
- Post the line item for the credited item, using the same line item used for the original payment, and using the same fund number and the same amount proceeded with a minus sign
- Save
- Vendor name: LTS assigned vendor code
- Payment method: "Physical check"
- Export to accounting: This should be checked when payment method is "Physical check"
- 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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E Anchor E E E. Check the accuracy of the on-line credit
- Verify that the fund code has the current fiscal year; update if necessaryVerify 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 Voyager FOLIO credit invoice agree
- Save and close the Voyager invoice
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F Anchor F F F. What to do with the paper credit memo?
- Date stamp and initial Once the paper credit memoPlace 1 copy of the paper credit memo in the credit memo folder for routing to Library Finance and Budget Office.credit memo/invoice has been scanned and saved you may discard it