Credit Memos Overview
Credit Memos are used to apply a credit to a client’s bill that is not associated with the receipt of cash. If cash is received, then that should be addressed using the Cash Receipts function. Negative values are applied in order to lower the A/R balance for a specific bill in the case a credit is issued. Positive amounts may also be applied to increase the amount of A/R for a specific bill. The bill must be posted before a Credit Memo may be applied.
Note: The amount entered in credit memos will be recorded as an adjustment. If the Adjustments Applied field is included on the bill's design, then this amount will appear on the next bill generated for the Client/Matter/Consolidation.
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