Credit Memos
Adding a New Credit Memo
This document explains the new functionality of adding Credit Memo in Bizops for the purpose of processing returns and refunds, when the items being returned do not have specific Invoice information.
[1] Home -> Finance -> New Credit Memo
[2] Search and Select the Customer, Add Items and Click on Create credit memo. The PO Number can be entered in the Summary tab.
Adding Items to the Credit Memo
If the Credit Reason option is set to Return, inventory will be added in Bizops for the quantity of the Credit memo item.
If the Restock Fee Option is checked, as Restock Fee will be applied for the item. This option can be changed/updated as long as the Credit Memo is in “Draft” mode.
The Credit Memo will be created in Draft mode. When the Credit Memo is finalized, Inventory will be added into Bizops for the Items and Quantities in the Credit Memo.
[3] Finalized credit memo
[4] Inventory
In case of Liberty Bags, the Credit Memo will be automatically created in TOAKS.
Inventory will also be added in TOAKS when the Credit Memo in Libery Bags is finalized.
A Vendor Credit memo will also be created in Liberty Bags for the Vendor Thousand Oaks 5.
The Credit Memos can be Viewed on the Invoice Center Page in Bizops.
A restocking fee of 20% will be automatically added to all Credit Memos. The Fee will be added as a line item.
The fee percentage and the item to be used is configured on the system settings page.
You can get to it from Admin->Inventory ->Restock Settings
Vendor Credit Memo In Liberty Bags
Damaged Items
When a credit memo is synced to Sage , Sage adds the items back to inventory. In case of items that have been added with a return reason of Damaged, we do not want the item to be added back to inventory.
To handle this problem, the “damaged” items are synced to Sage under a Common Non Inventory Item that can be configured from the Sage 50 Sync Settings page. The SKU and Title of the item being returned is placed in the Dscription field of the Credit Memo item.
A SKU of type Non-Inventory / Other Charges is created in Bizops. This SKU is used as a place holder to sync all damaged items.
Configuration of the Non -Inventory Item in the Sage Sync Settings screen.
Syncing Of Credit Memos to Sage(Peachtree).
The Credit Memos can be synced to Sage using the Bizops Sage Integrator .
The Credit Memo button syncs Customer and Vendor Credit Memos from Bizops to Sage.
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