In today’s NetSuite guide, we’re going to discuss how to issue a credit memo in NetSuite.
Creating a Credit Memo in NetSuite
A Credit Memo record is a transaction that decreases the amount a customer owes you. A credit memo may be created from a Return Authorization or a stand-alone record. If created from a Return Authorization, the Credit Memo would have no inventory impact; on the other hand, creating a stand-alone record of a credit memo would affect your inventory.
Here are the steps to issue a Credit Memo:
- Go to Transactions > Customers > Issue Credit Memos
- Under Primary Information:
- In the Custom Form field, select the credit memo form you want to use.
- Select the customer you are crediting.
- Accept today’s date, or enter another.
- If you use accounting periods, select the posting period for this credit.
- Enter the customer’s original purchase order number.
- Enter a memo that will appear on the 2-line Accounts Receivable register.
5. Select the billing address for the customer on the Billing subtab. If not selected, the default billing address is displayed in the Bill To field.
7. Click Save. That’s it. That’s how you issue a credit memo in NetSuite.
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About the Author
Kristine Belgado is an experienced CPA with a demonstrated history of working in ERP implementation for Netsuite and Oracle Fusion. She is skilled in ERP Implementations, business process engineering, and gap analysis. Kristine is a strong accounting and information technology professional graduated from Batangas State University with a Masters in Business Administration.
Kristine holds the NetSuite Administrator, SuiteAnalytics, ERP Consultant, Financial, and SuiteFoundation credentials.