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Community Member Microsoft Employee
Hello, is there anywhere where I can find a summary of thedifferences between an AR credit memo vs. AR Return type transaction?
For example, something like this:
Credit Memo:
- Reduces customer balance
- Can not refund money
- Can not impact bank rec
- Does not impact cash account
Return
- Reduces customer balance
- Can refund money via cash, check, credit card
- Shows as neg receipt in bank rec
- reduces cash account
Anywhere I can find a summary like this?
Thanks!
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From the good old GP Help files . . .
Credit Memos
Use credit memos to record any decrease in a customer's balance that isn't the result of a payment. The difference between a credit and a return is that a credit memo credits a customer's account. A return credits a customer’s credit card balance or account with your company, and reverses tax and commission amounts that were previously entered.
Returns
Use returns to record the return of a product. You can use returns to decrease the customer's balance, if the customer hasn't received cash for the return. The difference between a credit and a return is that a credit memo credits a customer's account. A return credits a customer’s credit card balance or account with your company, and reverses tax and commission amounts that were previously entered.
Hope this Help helps!
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