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Issuing and Posting Purchase Credit Memos

A purchase credit memo can be used to reverse a vendor transaction. Several reasons exist that may require Purchase Credit Memos:

  • Error in Invoicing – wrong item, wrong vendor, incorrect unit costs, incorrect quantity.
  • Faulty Goods – goods turn up and have production flaws, are damaged, or somehow the purpose for which they are meant isn’t fulfilled.
  • The order was canceled, but the invoice was done.

Credit memos allow a sound accounting method to reverse an invoice transaction that was posted with some erroneous information.

This will explore some of the functionality available to make it easy to create a credit memo.

Issuing Credit Memos

  1. Log in to Sparkrock 365.
  2. Click Tell Me and search for Purchase Credit Memos. Select the page from the drop-down list.
    The Purchase Credit Memo list displays.
  3. From the Action Bar, click New to create a new credit memo.
  4. The Purchase Credit Memo has the same characteristics as a Purchase Order or Purchase Invoice.
    • The General FastTab information is the company information, which comes from the Vendor Card.
    • The Lines FastTab is the details of the credit memo.

The general information and lines from a purchase Invoice can be copied to the Purchase Credit Memo by using the Copy Document function.

  1. From the Action Bar, click Process > Copy Document
    The Copy Purchase Document page displays.
  2. In the Document Type field, select Posted Invoice.
  3. Click the lookup button in the Document No. field to see a list of the posted invoices.
    The Purchase List page displays.
  4. Select the posted invoice and click OK.
  5. Turn on the Include Header slider.
  6. Leave the Recalculate Lines slider turned off.
  7. Click OK to copy the posted invoice to the credit memo.

The Purchase Credit Memo document is now filled in with all of the information from the posted Purchase Invoice.

It is possible to edit the lines at this time if desired. It is also possible to create a credit memo manually in much the same way as an invoice can be created manually.

Posting Credit Memos

Now the credit memo that has been created must be posted.

  1. On the Purchase Credit Memos page, in the Action Bar click Actions > Posting > Post. 
  2. Click Yes to confirm that the credit memo must be posted.
  3. Close the Purchase Credit Memo page.

To see the credit memo that has been posted in the Posted Credit Memos page:

  1. Click Tell Me, and search for Posted Purchase Credit Memos. Open the page from the drop-down list.
  2. Go to the last posted Purchase Credit Memo in the list and click Manage > View.
  3. From the Action Bar, click Process > Statistics to see the purchase credit memo statistics.

Creating a Credit Memo from a Posted Purchase Invoice

  1. Click Tell Me, and search for Posted Purchase Invoice. Open the page from the drop-down list.
    The Posted Purchase Invoices page displays.
  2. Select a Posted Purchase Invoice and from the Action Bar choose Correct > Create Corrective Credit Memo.
    The Edit AP Batches List displays if A/P Batch Management is enabled.
  3. Fill in the appropriate information and from the Action Bar, click Process > Create Credit Memo.
    A new Purchase Credit Memo card displays.
  4. Complete the Purchase Credit Memo and on the Action Bar click Posting > Post.
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