Vendor Credit Memo Fields

Enter the ID code of the vendor (up to 20 alphanumeric characters) for the purchase. If this is a one-time purchase from a vendor you don't want to store on the system, you can leave this box blank. You can look up existing vendors by selecting the Lookup button or entering a ? in the box.

To display a list of existing vendors, type ? in this field, or select the Lookup button. To add a new vendor, type + or double-click the field, which displays the Maintain Vendors window.

See a list of transactions that are related to the one you are currently viewing. For instance, if you were viewing a purchase, clicking this link will open the Related Transactions window and it would show you a list with the purchase order and payments that are associated with this purchase.

This defaults as the vendor's name and address. This cannot be changed here; you must use Maintain Vendors to change the vendor's name/address.

The system date defaults here if it falls within the current accounting period. Otherwise, the first day of the current accounting period defaults in this text box.

This is the date that the credit is due. The date shown is either based on the Terms for the vendor or comes from the purchase invoice this credit memo is applied to. You can change this date if you need to.

The due date is required.

This identifies the credit memo number, which is generally issued by the vendor. Entry in this field is required before you can save the transaction.

Selecting this shows you the current terms and allows you to change the terms of the credit memo. This includes the:

Discount Amount: This is the discount allowed if paid before a certain date.

Discount Date: This is the date up to when the vendor early-payment discount is allowed.

Displayed Terms: This displays the discount, how many days the discount is good for, and the number of days from the date of purchase when payment is due.

If you apply this credit memo to a purchase invoice, the information comes from the purchase invoice.

Enter or select a valid general ledger account to which you want to apply the amount due. This only applies if your company uses the accrual method of accounting. If your company uses the cash-basis method, then you can't enter an A/P account. The default for the field will be the last account entered. If no account has been entered, this field will be blank.

If this credit memo is applied to a purchase invoice, the information comes from the purchase invoice.

You can optionally enter a maximum 20-character return authorization code for the returned or credited purchase.

This identifies the item specified on the original purchase invoice; you cannot change it.

Enter the number of the item being returned. You must enter a quantity if you entered a stock-type inventory item.

Enter the number or quantity of items you are returning to the vendor for credit. Once the credit memo is saved, Sage 50 will automatically remove this quantity from inventory.

Sage 50 displays the item description entered in Maintain Inventory Items.

• If you entered a Description for Purchases for the item, Sage 50 displays this value.
• If you didn't enter a Description for Purchases, then Sage 50 will display the Description for Sales value.
• If you didn't enter a Description for Purchases or a Description for Sales, then the short description appears.

You can change the description for this line item, if necessary. You enter up to 160 characters.

This defaults from the inventory account you entered for the item in the Inventory Items selection of the Maintain menu. If you do not select an inventory item, it defaults to the vendor's default G/L expense account.

To change the account ID, type ? in this field, or select the Lookup button. To add a new account, type + or double-click the field, which displays the Maintain Chart of Accounts window.

Enter the unit price for the item. The default is the last unit price entered for this item. Sage 50 calculates the number in the Amount field using the Unit Price multiplied by the number you entered in the Quantity field.

Sage 50 calculates this for you by multiplying the Unit Price by the number you entered in the Quantity field.

If you are tracking job cost, select the job ID (if the job uses them) to which this line item applies. To display a list of existing jobs, click the folder button or type ? in this field. Tell me more about selecting job records.

From the Proposals window, you will see only jobs that have a Billing Method of Percent of Proposal or No Progress Billing. Moreover, if you have already billed or partially billed this line item, you will not be able to edit the job information on this line item.

To use job costing to its greatest potential, you should try to assign transactions to the most detailed level of the job possible (which can include job phases and costs codes). (Sage 50 Premium Accounting and higher)

Enter or select the inventory item that you're returning or receiving credit on. To display a list of existing items, type ? in this field, or select the Lookup button. To add a new item, type + or double-click the field, which displays the Maintain Inventory Items window.

This field displays the credited amount for the job on this Credit Memo. The amount here will be the total of all line items on the Apply to Invoice # tab and the Apply to Sales tab for this particular Job ID.

To have an amount appear here, you must have credited amounts for a job that are greater than 0.00 and you must specify a Job ID on the associated line items.

If you change any value associated with this job, the amount in this field will automatically be recalculated.

This field displays the Job for the line items for which retainage has been calculated. All jobs, phases, and cost codes with credited amounts on the Apply to Invoice No. and the Apply to Purchases tabs will be summarized in a single line for job.

This field displays the general ledger account to which retainage distributions will be applied for the current transaction. The default value for this field is set up on the Billing & Retainage tab of Job defaults.

You can change the value if you want by either typing in a new account number or by selecting an account from the lookup.

This field will be hidden if the option to hide general ledger accounts in Global Options is selected.

This field displays the retainage percent for the job. It is calculated by the system by dividing the Retain Amount by the Purchased Amount for each line. It will be recalculated automatically any time there is a change in either of the above two amounts.

Enter the amount of retainage for each job as shown on the vendor's invoice.

This indicates the sum of all payments entered in the Payments window that were applied to this invoice. This does not include payments entered in the Amount Paid at Purchase field.

This indicates the sum of amounts for each returned line item listed on the credit memo, sales tax, and freight (if entered). You cannot change it.

This indicates the amount of the credit memo that was applied to the original invoice. You cannot change it.

This indicates the net credit due to the company from the vendor. The amount is equal to the credit total minus any other payments applied to the credit memo minus the credit applied to the invoice. You cannot edit this field.

The Vendor Balance field in the Purchase Orders, Purchases, and Vendor Credit Memos windows displays the total of all unpaid invoices currently in the vendor ledger as of the system date. Even if you are in a previous accounting period and your system date is today's date, the current balance reflects all unpaid invoices as of today's date.

If you select the arrow button to the right of the vendor balance, the current Vendor Ledgers report for this vendor will appear.