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I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

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Posted on by Lori Andrews

I have applied most of it to an outstanding invoice but the remainder will be a check. Any suggestions?

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Lori Andrews 60 on at

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Re: I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

Thanks for your help Victoria.
Victoria Yudin 22,766 on at

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Re: I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

Lori,

Thanks for the clarification. Yes, if you already have the credit balance in GP, you will need to enter a Misc. Charge Payables transaction for the amount the vendor sends you. If you are using the Bank Rec module in GP, I would put the debit on the Misc. Charge to a Suspense account, then enter a Bank Receipt which will debit Cash and credit Suspense. If you're not using Bank Rec, you can have the Misc. Charge debit Cash directly.

Hope that helps.
Lori Andrews 60 on at

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Re: I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

Victoria, The vendor will be sending a check to us in the amount of the remaining credit balance.

Richard, I don't have debit memo as an option in my drop down list for entering transactions in A/P. Do you mean when I get the check I should create a "misc. charge" item?
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Richard Whaley 25,195 on at

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Re: I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

OK, with just the little info you provided, lets say you had an invoice for $50 and you entered a credit memo for $55 (perhaps the vendor gave you that much credit, perhaps someone goofed when writing off this invoice, who cares, it is there). You applied the CM and now have a $5 credit memo remaining.

To simply get rid of it, enter a debit memo for $5 against the original invoice (you must apply debits and credit memos and payments to invoices) and then apply your credit memo to zero out the amount. You could alternately enter a new invoice for $5 and apply the credit to that.
Victoria Yudin 22,766 on at

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Re: I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

Lori,

Just to confirm, are you saying the vendor will be sending you a check for he balance of the credit memo? If not, can you please explain in a little more detail?

I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

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I am new to GP 10.0 and need to clear out the remaining balance on a credit memo in A/P.

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