Credit Memo for Invoice
Can this be done?
We have an event - it's cost is $450. member signs up, invoice is produced and the member pays $450. - nice and clean
Then, for a host of reasons, the cost is reduced at a later date by $80 and a refund check is issued. I want to issue a credit memo for the $80 so the member has this on their account and then we record the refund check issued and the account is back in balance.
The net revenue for this event is $370.
How can we do this?
Thank you in advance,
Michael Morrison commented
Another vote to implement credit memos or an easy invoice-voiding process.
Allow admin to void invoice instead of having to delete
I feel this would be more acceptable bookkeeping practice
J Buckley commented
We have all kinds of bookkeeping issues with this as well and would LOVE to see better accounting controls put in place - several have been mentioned on this thread.
Carla Nagel commented
Just a message that we (based in the Netherlands) fully agree with the request below.
That might work for the record keeping in the software but not for tax office reports. An invoice must be reversed properly by a reversal invoice which can be booked and printed out to place it behind the initial invoice.
A system implemented feature could also be that the invoice is only manually generated AFTER the payment was settled (as it can be done with popular shop software). Manually generated invoices would prevent that the system generates invoices while the payments never get settled.
Now the system generates an invoice which must be settled but it would be more convenient if it would be handled like a "shopping cart".
1) You order a membership.
2) You settle the payment.
3) if the payment wasn't made within a defined grace period, the order will be deleted.
4) if the settlement was done, the system generates an invoice.
This is spares a lot of work [/quote]
Yes, we need to be able to issue credit memos, too! Changing the original invoice amount is not okay from an accounting standpoint. Credit memos are very common and are important function. I will ask our treasurer if creating a "credit memo" tender type would work for us.
As a workaround, you can record a payment with special tender e.g. "Credit note" and close the invoice. From balance point of view it will be the same and can do the job until we implement proper credit note functionality.
Joined with existing thread
You're right, not in the roadmap - not a lot of requests for this yet.
Danny W. Adair commented
Abolutely need this.
It is illegal to send someone an invoice and then manipulate or delete the invoice at your end.
I could not find this on the 2014 Roadmap? http://forums.wildapricot.com/forums/308932-wishlist/suggestions/8827717-roadmap-2015-plans-releases-expected-dates
Well, while you can it this way, from financial point of view you should not change initial invoice, instead you need to produce credit note for required amount and issue refund for that. Exactly as it was described in the initial comment.
Credit notes were part of our financial module scope but we have removed it in the very end and put into future changes queue. Thanks for noting about this, I will mark the feature in our queue but I cannot tell you time estimates.
Moving into Wishlist - if anybody finds credit notes important for their workflow, please comment.
Fluid Apricot commented
Sure this is possible, its just a matter of adjusting the invoice amount and recording the refund.
i.e. Update the event invoice to indicate the new cost, see http://help.wildapricot.com/display/DOC/Adjusting+or+canceling+an+invoice (this will leave a "credit" or unused payment of $80 on the account). Once the refund check is issued you then record the refund and settle it with the $80 payment, see http://help.wildapricot.com/display/DOC/Refunds#Refunds-Record'onaccount'refund