Add Credits in Receivables

In Receivables, add credits to apply to a client's future invoices or existing ones.

  1. From Receivables, Credits, select Add.

  2. Enter the credit details, such as client name, credit date, billing item, and description.

  3. Enter the credit amount.

  4. If you collect sales tax, use the Sales tax field to select a billing item for sales tax. The tax amount automatically calculates and appears next to Sales tax amount.

    Note: Don't see this yet? Sales tax is in Limited Availability (LA) and releasing in waves. During the LA, we'll review and implement participant feedback to prepare for general availability.

    Note: To record standalone sales tax, select a billing item with the Sales tax type under Billing item and enter the tax in Amount. The amount is distributed across the billing item's entities, and Sales tax isn't available. Standalone sales tax doesn't depend on the client's tax status or the Sales tax business rule.

    • Sales tax doesn't display when "Our organization does not collect sales tax" is selected for the Sales tax business rule in Settings, Receivables, Business rules, General. For more details, see Business rules - General.

    • Sales tax is disabled when the client's tax status is "Tax exempt".

    • The billing item type must be Sales tax.

    • After sales tax is applied and posted, unapply the tax before you make changes.

  5. In Service provider, enter the individual at your organization who assisted the client and enter the service start and end dates.

  6. Under Distributions, specify debit accounts, classifications using grants or transaction codes, and custom fields for reporting purposes. You can distribute the info evenly or by percent.

    Note: The distributions you view depend on the Use a single receivables summary account and never post applications business rule from Settings, Receivables. For more details, see Business rules - General.

  7. For Interfund entry set, select a set to balance accounts if the debit and credit accounts aren’t in the same fund. For more details, see Interfund Sets.

  8. To add custom fields for the credit, select Add custom field. Use these to add additional info and further filter credits when you search for them.

  9. Select Save. To enter another credit, select Save and add new.