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Credit Notes

A credit note or credit memo is a commercial document issued by a seller to a buyer. Credit notes act as a source document for the sales return journal. In other words the credit note is evidence of the reduction in sales. In accoxi, the user can create Credit notes and save the credit notes that already created. Credit notes act as a source document for the sales return journal.

How To Create / Manage Credit Note in Accoxi?

this video tutorial teaches you the creation of credit note for the sales return issued by the customer. Credit note Is a memo documents issued by the seller to the buyer when the buyer issues a debit note to the seller for the return of goods.

Key Features of Credit Note

It shows the details of the credit notes that the user already created and along with the date, Party name, the total amount of the item, tax amount etc.
Users can identify the current status of the credit notes that were created, and it may be open or closed.
The user can quickly identify canceled credit notes using color format. Canceled credit notes are indicated with red color.
It shows the amount of total credit, used credit and the balance credit amount of the Customer.
If the customer account has a balance credit amount, then the user can make a refund or can apply it to the invoice.

Click on the Sales module and select the option Credit Notes.

When the user clicks on the Credit Notes option, it opens to Credit Notes Search.

Credit Note Search

The credit Note search consists of various menus and it shows details of the credit notes that have already been created by the user. Users can identify the current status of the credit notes that were created, and it may be open or closed. The user can quickly identify canceled credit notes using the color format. Canceled credit notes are indicated in red color. It also shows the amount of total credit, using credit, and the balance credit amount of the Customer.

Menus Available in Credit Note Search

1.Filter

The filter of credit notes can be done in two ways-Either the user can directly enter the customer name into the search bar near the filter option or by clicking the filter drop-down. Users can filter the data by entering the Party name, reference number, by date or by status. The credit note data can filter by using the date format, need to enter the start date and the end date of the credit note. Data filter by status includes sorting of data on the basis of open, closed, and canceled.

2. Refresh

If the latest data is not displayed, click on the refresh icon on the top left corner of the page to fetch the new data.

3. Add new Credit note

This menu is used for the purpose of creating a new Credit note. By clicking Add new + Credit Note, a new window opens with the new form of a Credit note.

Steps to create a new Credit Note

For creating a new credit note, select the menu +New Credit Note on the top right side of the screen.
The user must mandatorily provide the reason for returning of goods while creating a credit note.
The user must also provide the details of the customer to whom the credit notes are applied. Choosing the customer will automatically fill out the customer's email and phone number.
The user should select the invoice number of the sales invoice in which the credit note needs to be issued. The load invoice option allows the user to show all the products sold in the particular invoice.
Once the user creates the credit note, click save to finish creating the credit note hence taking the user to the credit note view
Users can either apply for the credit note to the next invoice or choose to refund the amount to the customer

Fields	Description
Reference no	Reference number helps the user to identify transactions in records. It will automatically appear on the form and user can’t edit the reference number, as it will be the continuation of the previous credit note.
Date	Date will automatically appear on the date field and it may be current day date. If the user want to change the date, it can be done by clicking on the date menu and can select required date.
Reason	Select the reason for applying credit note in this field. The reason may be sales return, correction in invoice, or others.
Customer	Select the customer for that the user wants to create a credit note. By clicking the select menu, list of customers will appear and user can select the required customer from the list. If the user want to create a new customer without the list, can create a new customer by clicking the menu + (add new).
Phone number	When the user selects the customer, the phone number details of the customer will automatically appear on the field.
Email	It shows the email id of the selected customer. User can’t enter anything on this field.
Invoice number	After selecting the Customer, the user needs to select the sales invoice number on this field. It shows all the sales invoice numbers of the selected Customer and the user can select the required one to create a credit note.
Load all items	If the user wants to select all the invoiced items of a particular customer, then it can be done by marking the menu Load all items.
Description	Users can add additional explanations if required.
Product or Service	Select the products that are wanted to be applied to the credit note. Before selecting the products, the user should select an invoice number on the invoice number field otherwise the user can’t select products. If the user marks the Load all items menu, it loads all the products and service from the invoice
Product or service code	It’s a blocked field and the user can’t enter anything on the field. The product code will automatically appear with the item.
HSN/SAC	It’s a blocked field and the user can’t enter anything on the field. HSN code will automatically appear with the item.
Unit	Unit will automatically appear on the field, user can’t enter on the field.
Batch	It’s a blocked field and the user can’t enter anything on the field. The batch name will automatically appear with the item.
MRP	MRP of the product will automatically appear on the field after selecting the product to make a Credit note. The user can’t edit the MRP of the product as it is already fixed.
Taxable amount	The taxable amount is the amount on which tax is to be charged. It will automatically appear after entering the rate details.
Tax%	This field automatically shows the tax rate of the Selling item. It may be 3%, 5%, 12%, 18%, 28%, nil rated, exempted or no GST. Users can’t edit or enter the rate on this field.
Tax Amount	The tax amount is the amount at which a business or person is taxed on the basis of tax type Inclusive or Exclusive. Users can’t edit or enter the rate on this field.
CESS amount	It is a form of tax charged/levied over and above the base tax liability of a taxpayer. Cess amount will automatically appear on this field and the field was blocked one.
Item total	It shows the total amount of the item after product rate, tax rate, etc.
Delete item	If the user wants to delete the item, it can be done by clicking on the delete symbol on the right side of the Item total column.
Product Description	Users can add additional explanations of the product/service if required.
Quantity	select the product/service, the quantity of the item will automatically appear with that. If the user want to enter or edit the quantity of the item, it can be done on this field.
Rate	Sales rate of the product will automatically appear on the field after select the product. User can edit the rate if require.
Discount	There are four types of discounts that available in the sales module. They are discount before tax, discount after tax, line discount and no discount. While creating the sales invoice User can set the discount type from the sales settings and can enter the discount. In credit note form, the discount settlements are shown on the right side of the page and it will automatically appear when selecting the Customer and invoices.
Save	Click on the Save menu to save the details that were entered. After clicking the Save menu, user will be redirected to credit not view page
Clear	Clear menu is for clearing or removing the entire data that entered by the user.
Exit	Exit menu is using for go to the previous page without saving the credit note form.

Menus Available in Credit Note view

1. New credit note

It is the menu option to create a new credit note. By clicking the New Credit Note menu, the user is redirected to the credit note creation page

2. Filter

The filter menu enables the user to filter the data and the data filter on the basis of credit note status, open, closed, or all.

3. Apply invoice

This menu enables the user to apply an invoice against the credit note. Users can convert the total credit amount into the pending invoice amount and can adjust the invoice balance by it. When the user clicks on the Apply Invoice menu, the pending invoice list will open and the user can select the invoice and set the amount towards the dealer. if the customer does not have any pending invoices it is not possible to use this option. If the credit amount is nil, then the user can’t use apply invoice option.

Click on the Apply Invoice menu on the top right side of the credit note view.
Then a new tab will appear called Pending invoice lookup.
This tab shows the list of various invoices along with Invoice no, invoice date, Invoice amount, and invoice balance.
The total credit amount will appear on the top right side of the tab. If the total credit amount is nil then can’t apply the adjustment.
The user can select the invoice and can enter the amount to adjust the invoice.
After entering the amount click on the Ok menu to process.

4. View History

Shows all the edits and alterations of the credit note with the date of the changes made. Shows the details about the refunds applied in the credit note with the date refund number and amount. Details of the invoices that applied to the credit note are shown here with the date invoice number and amount.

5. Journal View

journal view generates the credit note generation made as a journal view.

6. Edit option

Edit menu helps the user to edit or correct the details that are entered in the credit note and can save again after it. When clicking on the edit menu, the screen will go to the previous window of the new credit note form.

7. Export to PDF

This menu enables the user to export the Sales credit note form to PDF format and can save it in the system.

When the user clicks on the PDF menu, a new tab will appear to save the file. Then the user can select the location to save the file, can set a name, and click on the save button to save the file in PDF format.

8. Print

If the user wants to take the printout of the created credit note form, it can be done by using the menu Print on the top right side of the credit note view. When the user clicks on the print menu, a new tab will appear on the screen and it contains the details regarding the print. User can set the page range, page height, and width and can enter the required number of copies here. By clicking on the Print button, the user gets the printout of the credit note form.

9. E-mail

The email menu enables the user to send the Credit note form directly to the Customers.By clicking on the Email menu, a new tab will appear regarding the details of sending mail. It includes To, id, CC, subject, and content. When clicking on the mail option, the email id of the Customer will automatically appear on the TO field. If the user wants to change the email id then it can be done by removing the id and can enter a new one. Users can also enter CC if require and can add an additional description if required.

If the user wants to change the Email template, it can be done by Email template in Settings.

Need to mark the option attachment for sending the sales order form with Email. After clicking on the Send option, the mail will send to the selected customer.

10. More options

This menu includes two options, Refund and Cancel.

If the user wants to refund the credit amount, it can be done by clicking the refund menu. When clicking on the Refund menu, the credit note refund form will open and the user can enter the amount with payment details in it.

The cancel option enables the user to Cancel the prepared Credit note. When clicking on the Cancel menu, it shows customer details with the amount and the user needs to enter the reason for the Cancellation in it.

1. Refund option enables the user to refund the credit note amount to the customer.

By clicking on the refund option, a credit note refund form will appear.

It shows the Party name, Credit note no., and the Credit balance to the Customer.
Users need to enter the date of the refund on the date field.
Then need to select the instrument type and enter the instrument details on the appropriate field.
Select the type of account from the accounts field. It may be cash or bank.
Then enter the amount that is to be refunded on the amount field. Users can enter a full or an amount as required for a refund.
Add an explanation regarding the refund on the description menu and click on the save button to process
user will be redirected to payments view of the credit showing the refund made to the customer.

2. Cancel option enables the user to cancel the Credit note.

When clicking on the Cancel menu, the Cancel form will appear on the screen and the user need to enter the details to process the cancellation.

In this form, the user gets the details of the Customer's name and the amount of the sale. If the user wants to cancel the credit note, needs to enter the reason on the Reason for Cancellation field and click on OK to Cancel the created credit note form.

11. Pagination control

It controls the page navigation and the page size. Page size can be set to 10, 20, 50, or 100. And by giving the page number in the box and clicking on the Go button. It jumps to the said page.

4.Export

The Credit note list can be export to Excel format. Click the Export button at the top right corner near the +New button. Select the file location and click on save.

5.View

View menu enable the user to view the Credit Note form that already created.

6.More Settings

This menu includes Edit, View, Apply to Invoice, Refund, Export to PDF and Print option.

Edit menu helps the user to edit or correct the details that entered in the credit note and can save again after it.

View menu enable the user to view the Credit Note form that already created.

Apply to Invoice menu enable the user to apply invoice against the credit note. User can convert the total credit amount in to pending invoice amount and can adjust the invoice balance by it. When the user click on the Apply Invoice menu, pending invoice list will open and user can select the invoice and set the amount towards the dealer. If the credit amount is nil, then user can’t use apply invoice option.

If the user wants to refund the credit amount, it can be done by clicking the Refund menu.

Export to PDF menu enables the user to convert the credit note form to PDF format.

Print menu helps the user to print the created credit note form if require.

7.Cancelled

User can easily identify the cancelled credit notes by using color format. Cancelled credit notes are indicates with red color.

8.Pagination Control

It controls the page navigation and the page size. Page size can be set to 10, 20, 50 or 100. And by giving page number in the box and clicking on Go button. It jumps to the said page

Frequently Asked Questions?

01How do I filter my Credit Note data?

Go to Sale Module => Credit Note => Credit Note search opens
Then click on filter option
Credit note can be filtered based on party name, ref.no. Status etc. Either you can give any of the said criteria directly into the search bar near filter option or by clicking the filter down arrow option you can give the details into the fields directly.

02How do I create a new Credit Note?

Steps to create new Credit Note

Click on the Sales Module and select Credit notes option
For creating a New Credit note, select the menu +New Credit Note on the top right side of the screen.
Then the form of new Credit Note will appear on the screen and the user needs to enter the details regarding the sales return.
Select the Customer, reason for Credit note or return and enter the product details.
After enter the details, click on the Save menu to create Credit note.

03How can I view the history of Credit Notes created?

Go to Sales Module => Credit Note => Credit Note Search opens
Click on the eye button on the corresponding Credit Note which is located in the right end side. Eye button represents the view of created credit note
Then user will be redirected to credit note view window from there click on the history button.
This menu helps the user to obtain the history details of the Credit Note. There are three tabs in the credit note history. They are, Comments & history, refunds and Invoice applied.
You can add comments on the Comment box if required.
Refund history provides the complete details of refunds along with Date, Refund No and Amount.
In Invoice applied tab, user can see the history of applied invoice details.

04How to cancel a credit note created?

Click on the Sales Module => Credit Note => Credit Note search opens
Click on the eye button on the corresponding credit note which is located in the right end side. Eye button represents the view of created credit note
Then user will be redirected to credit note view window from there click on the more option button and click cancel button.
Cancel option enable the user to cancel the Credit note.
When clicking on the Cancel menu, Cancel form will appear on the screen and user need to enter the details to process the cancellation.
In this form user get the details of Customer name and amount of the sale. If the user want to cancel the credit note, need to enter the reason on the Reason for Cancellation field and click on OK to cancel the created credit note form.

05How to export the Credit Note details?

Click on the Sales Module => Credit Note => Credit Note Search opens

Click on the Export button at the top right corner near the +New button. Select the file location and click on save.

How To Create A Credit Note in Accoxi?

Credit Notes