Page History

Scope: This document outlines the procedure that Library Technical Services receiving staff follow when processing a credit for materials that were not supplied or were returned to vendor.

...

Unit: Monographs Receiving, OKU Serials Receiving, and E-Resources & Serials Management

Date last updatedreviewed: 05/0301/20242026

Date of next review: May 20252027

...

A. When to process a credit. Credits are processed in FOLIO for the following situations:

...

1. A check returned to LTS by a supplier/vendor
2. A credit memo against a specific invoice supplied by a vendor for a returned item
   
   

...

1. The invoice number for which the credit memo was issued
2. The date the credit was issued
3. Title of item credited
4. The reason the credit was issued 
5. The amount of the credit (in U.S. dollar, equal to the amount originally paid for the item; minus shipping)
   
   

...

D. Processing a Credit credit in FOLIO

1. Create an invoice in FOLIO
2. Fill in the following information
   
   • Invoice date: Credit memo date. If there is none, use today's date
   • Status: Change from "open" to "reviewed" when  you are ready for accounting to approve the credit
     
   • Bill to name: Select your appropriate dept.
     
   • Vendor invoice number: Credit memo invoice number. When a check is issued from the supplier/vendor for the credit, use the check number as your invoice number. When using a blank credit memo use the invoice number the item was originally paid on, adding "CM" as a suffix, e.g 12345CM 12345CM 
   • Vendor name: LTS assigned vendor code
   • Payment method: "Physical check"
   • Export to accounting: This should be checked when payment method is "Physical check"
   • Upload your invoice: Add your department name, date paid and your initials to the invoice first (Example: LTS RECEIVING - LM - 06/28/21)
   • Save & close
     
   • Scroll down to Invoice lines: Click "Actions" then "+ Add line from POL" ;  using the same POL and fund number that was used for the original payment
   • Add price proceeded with a minus sign (e.g. -25.00)
   • Save & close
     

...