![]() Credit and debit memos are a widely adopted and well-understood billing construct that makes it easier to audit a company's billing and verify the correctness of receivables accounting.Īfter the Invoice Settlement feature, which includes credit and debit memo support, is enabled, it fully replaces Invoice Adjustments, Invoice Item Adjustments, and Credit Balance Adjustments. These regulations are particularly widespread in Europe. In many countries, credit and debit memos are actually required by law for adjusting invoices. You can find the memos list by navigating to Billing > Credit and Debit Memos in the left navigation from the Zuora UI. Directly creating credit memos in this case makes it easier to manage negative charges and balances for Accounts Receivable settlement purposes. Rather than generating negative invoices, the bill run creates credit memos populated by any negative charge event resulting from the charge rating process. With a positive balance, standalone credit memos can be applied to any invoice or debit memo. These charges do not have to be part of any subscription. The memo items refer to one-time product rate plan charges. Standalone. The purpose of these memos is to raise an ad hoc charge or credit not related to a specific invoice.In this case, the memo refers to a specific invoice the memo items refer to corresponding invoice items. These memos aim to adjust specific items in a given invoice. The credit and debit memos can be issued in the following ways: With the Invoice Settlement feature enabled, you can use Zuora Billing to generate credit memos and debit memos when necessary. Debit an over-delivery for your customer.Write off account balances, such as reducing an invoice balance to zero due to bad debt.Credit an account without refunding payment.Correct invoice errors, such as overcharging, undercharging, and other billing mistakes.You might need to issue credit and debit memos under any of the following situations: In the Name field, select the name of the customer with whom this overpayment is associated.Įnter other information on this line item as necessary.Credit and debit memos provide a detailed justification of the amount stated on the memo. You can use the memos to adjust invoices at a line item level and provide your customers with memo documents to track billing changes. In the Debit field, enter the amount of the overpayment from the invoice. ![]() In the Account field, enter or select your Accounts Receivable account. You may be able to select an open and locked period if your role includes the Override Period Restrictions permission. When you approve a journal entry, you can select a different value than the one initially displayed. The posting period is determined when the journal entry is approved. If you use fiscal periods, you see a Posting Period field. See Use Journal Entry Approval Routing.Īccept or enter a date in the Date field. This preference enables you to use SuiteFlow to create a custom journal entry approval routing workflow. The Approved box does not display if you have enabled the Journal Entries approval routing accounting preference. See Require Approvals on Journal Entries Preference. The Approved box displays only if the Require Approvals on Journal Entries accounting preference is enabled at Setup > Accounting > Accounting Preferences > General subtab. If you do not check this box, this entry does not post until it is approved. If you have journal approval permission, check the Approved box to approve your journal entry. If you use NetSuite OneWorld, by default the Currency field displays the base currency of the subsidiary selected in the Subsidiary field. If the Multiple Currencies feature is enabled, review the value in the Currency and Exchange Rate fields and edit as necessary. For more information, see Journal Entries in OneWorld. For journal entries between two subsidiaries, you must make an intercompany journal entry. You cannot associate a regular journal entry with more than one subsidiary. The journal posts to this subsidiary and only entities associated with the subsidiary can view the entry. If you use NetSuite OneWorld, select a subsidiary to associate with this journal entry. For more information, see Set Auto-Generated Numbers. Go to Setup > Company > Auto-Generated Numbers > Document Numbers subtab. If journal entries are assigned autogenerated numbers in your account, you cannot change the defaults unless the Allow Override box is checked for Journal. field, accept the default or enter a different number. Go to Transactions > Financial > Make Journal Entries. To write off small amounts from customer overpayment:
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