Credit Processing (LTS Procedure #65)

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 reviewed: 05/03/17

Date of next review: May 2018

When To Process a Credit

Essential Documentation Needed To Process a Credit

Information Required To Process a Credit memo

Processing a Credit Memo

Check the Accuracy of the On-line Credit

What To Do with the Paper Credit Memo

A. When to process a credit. Credits are processed in Voyager for the following situations:

1. The library paid for an item but did not receive it from the supplier 
2. An item is returned to the vendor after payment is made
   
   

B. Essential documentation needed to process a credit should include one of the following:

1. A check returned to LTS by a supplier
2. A credit memo against a specific invoice supplied by a vendor for a returned item
3. A blank credit memo pre-supplied by most major vendors, completed by LTS 
4. 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
   
   

C. Information required to process a credit memo  

1. The invoice number for which the credit memo was issued
2. The date the credit was issued
3. Title of item credited
4. The reason the credit was issued 
5. The amount of the credit (in U.S. dollar, equal to the amount originally paid for the item)
   
   

D. Processing a Credit in Voyager

1. Create an invoice in Voyager
2. Write the voyager supplied voucher number in black or blue ink on the paper credit memo
3. Fill in the following information
   • 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. , e.g CM123455
   • 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
     

E. Check the accuracy of the on-line credit

1. Verify that the fund code has the current fiscal year; update if necessary
2. Verify that the same fund number for the original payment is used for the credit
3. Verify that the credit amount is proceeded with a minus sign
4. Verify that the total amount on the paper credit memo and the Voyager credit invoice agree 
5. Save and close the Voyager invoice
   
   

F. What to do with the paper credit memo?

1. Date stamp and initial the paper credit memo
2. Place 1 copy of the paper credit memo in the credit memo folder for routing to Library Finance and Budget Office.