![]() All procedures, coordination and approvals are required to take place in order to comply with set policies. As with any other payment issued by the University, standard operating procedures apply to all transactions, including credit memos. This policy applies to all vendors, University departments, Accounts Payable department and University staff who approve and process invoices and credit memos. Provide resources that will assist University staff and vendors in meeting the requirements of this policy. ![]() Assign and clarify the responsibility for various departments, Accounts Payable department and individuals involved in processing credit memos.Establish a standard procedure for credit memo processing.Establish effective internal controls and ensure proper custody over the University assets.The department should also maintain accurate records of goods being shipped back to the supplier If the University does not anticipate doing additional business with the vendor, Accounts Payables will request a refund check from the vendor in lieu of a credit.īecause the University does not employ a formal returned goods process through a centralized unit, it is the responsibility of each department to ensure that any goods rejected or returned result in proper credit memo issued to the University. If the corresponding invoice has been paid, credit memo can be used to offset future payments to the vendor for invoices for any other departments. If the University has not yet paid the vendor, the credit memo can be used as a partial offset to its invoice-based payment to the vendor. Credit memo is a vendor’s written statement indicating that funds are owed to the University, and University has a right to pay a certain amount less when the next check is issued to the vendor. A credit memo may be issued by a vendor because the University returned goods that were ordered and received unsatisfactory, due to pricing discrepancies or any other reasons.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |