Credit Memos

These represent allowances or credits for merchandise returns, price adjustments, damages, overpayments, rebates, etc. given to the University by a vendor

It is the Department's responsibility to make sure that any credits due are received by the University.

• Upon receipt on a credit memo:
• Verify its correctness.
• Note the reason for the credit if it is not clear on the credit memo itself
• Indicate the account and center where the credit should be applied.
• Forward all credits to Accounts Payable immediately so that the credit can be applied to your cost center and deducted from the next payment to the vendor. DO NOT HOLD CREDITS IN THE DEPARTMENT FOR ANY REASON.
• Accounts Payable will apply the credit against any open invoices in the system.
• Make a copy for your records.