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Reviewing a Credit Memo

Find out how to review a credit memo.

A credit memo associated with either a Low or High Value Purchase Order is sent directly to Disbursements by the vendor. Disbursements electronically images the credit memo to retain a permanent record and then processes the credit amount. Follow the steps below to review these credit amounts appearing in FinancialLink.

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1. View the credit memo.

  • An electronic image of the original credit memo is available for review after it has been applied.
  • Access the credit memo via FinancialLink reports.

2. Verify that the credit appearing in FinancialLink (Operating Ledger or Purchase Order report) is correct.

  • Check for any of the following items.
    • Purchase order number is correct
    • Goods or services have not been received or have been returned
    • Credit for goods or services is correct
  • If all of the above are correct, no further action is necessary.
  • If any of the items on the credit memo are not correct, proceed to Step 3.

3. Take these actions if you find any discrepancies.

If any of the discrepancies listed below exist, take the appropriate step(s):

  • Incorrect purchase order number: Contact a member of the Accounts Payable Team for correction, then proceed to Step 4.
  • Credit amount in FinancialLink was over or under: Complete a Payment Adjustment Form, then proceed to Step 4.
  • Credit on the operating ledger requires a transfer to another index, account, organization, etc.: Process an ENPET (online expense transfer), then proceed to Step 4.

4. Take follow-up steps as needed.

Follow-up and verify that the correction has taken place according to Step 3.

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