UCSD Blink: How to Handle an Unprocessed Credit Memo

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How to Handle an Unprocessed Credit Memo

Summary: When you receive a credit memo that references a Low or High Value Purchase Order from Disbursements or directly from a vendor, action is required. Follow the steps below for credit memos.

What to do		How to do it
1	Determine who sent you the credit memo.	If the credit memo is $5,000 or more and stamped "Approval and Return Required," proceed to Step 3. If the credit memo was sent to you directly from the vendor per your request due to a correction or an adjustment on an invoice, proceed to Step 4. If the credit memo was sent to you from Disbursements identifying a problem, proceed to Step 2.
2	If the credit memo was sent to you directly from Disbursements:	Verify the information on the credit memo. Take action to correct the problem and return the credit memo to the sender in Disbusements.
3	If the credit memo is $5,000 or more:	Verify that the information on the credit memo is correct. If the credit memo is correct. The credit memo must be signed by a person in the department authorized to approve invoices for payment. Note: The approver must have a signature authorization on file in Disbursements for the fund source being credited. After the credit memo is signed, proceed to Step 5. If the credit memo is incorrect or the original invoice has not been paid, contact a member of the Payment Assistance Resolution Team.
4	If the credit memo was sent to you directly from the vendor:	If the credit memo is for a correction you requested from the vendor: Verify that the credit memo reflects the correction you requested, i.e. pricing error, returned goods, etc. Verify that the purchase order number on the credit memo is correct. If the credit memo is not for a correction you requested, Verify the information on the credit memo. If the information is correct, proceed to Step 5. If the information is not correct or the original invoice has not been paid, contact a member of the Payment Assistance Resolution Team.
5	Send the original credit memo to Disbursements.	Send the credit memo and invoice (if applicable) to Disbursements, Mail Code 0955. After the credit memo and invoice have been processed by Disbursements, a copy of these documents may be obtained through FinancialLink reports.